Battery tech startup Battery Smart raises $65M in a Series B Round

Battery tech startup Battery Smart has raised $65 million in a Series B funding round, spearheaded by LeapFrog Investments.

The round also saw participation from both new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII).

The round comprised a mix of primary and secondary investments. Elluminate Capital acted as the exclusive financial advisor for the transaction.

What is the purpose of the funding?

Battery Smart plans to utilize the newly raised capital to scale its battery-swapping network across India.

The startup aims to drive the adoption of electric mobility by enhancing its technology and expanding its market presence.

Pulkit Khurana, Co-Founder and CEO of Battery Smart, said, "The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence."

Founded by IIT Kanpur graduates

Founded in 2019 by Pulkit Khurana and Siddharth Sikka, IIT Kanpur graduates, Battery Smart offers a battery-as-a-service (BaaS) solution. 

The company provides advanced lithium-ion batteries for electric two and three-wheelers, which can be quickly swapped at any of its stations. This service helps customers avoid the high upfront costs associated with battery ownership.

Currently, Battery Smart claims to operate 1,000 battery-swapping stations across 30 cities, completing over 35 million swaps with more than 45,000 active customers.

Expanding operations nationwide

Battery Smart is set to expand its operations nationwide, targeting tier 1, 2, and 3 cities.

The startup has also partnered with quick commerce platform Zepto to deploy 1,000 electric vehicles in the next financial year of FY25. The partnership will allow Zepto's EV delivery partners to utilize Battery Smart's battery-swapping network.