Battery Smart raises $33M in a pre-Series B round led by existing backers

Delhi-based Battery Smart, a startup operating battery swapping network, has raised $33 million in a new funding round as it aims to strengthen its geographical presence and expand its customer base.

The pre-Series B round saw participation from existing investors Tiger Global and Blume Ventures, as well as newcomers The Ecosystem Integrity Fund and British International Investment.

Prior to this round, Battery Smart raised $25 million in a Series A funding round in June 2022, led by Tiger Global, with contributions from Blume Ventures and Orios Ventures.

The startup said it would utilize the raised capital to scale its customer base to one lakh by 2025 from its current tally of 25,000, spanning Tier I, II, and III cities.

Battery Smart, founded in 2019 by IIT-Kanpur alumni Pulkit Khurana and Siddharth Sikka, The startup offers battery-as-a-service which enables interoperable battery swapping for two and three-wheeler electric vehicles (EVs) in under two minutes, thus minimizing the up-front investment usually shouldered by consumers.

Since its inception, the company boasts a network of over 600 swap stations across 25 cities and claims to have completed more than 12 million battery swaps. Battery Smart follows a franchise model, collaborating with small facilities and independent garages to function as battery-swapping stations. Batteries are sourced from a variety of manufacturers, including Livguard, Greenfuel, and Lohum.

Earlier this year, Battery Smart faced a setback when one of its battery swapping stations in Delhi's Janakpuri area caught fire, housing approximately 50 battery packs intended for electric vehicles. Nevertheless, the company has bounced back and continues to aim at doubling its number of battery swaps.

Also Read:

• PropChk partners with IIT Roorkee to set new industry standards for Home Inspection