In a recent development, Battery Smart has secured $7 million in Pre-Series A round of funding. The company has been rapidly growing and establishing itself in the battery swapping scene since its inception in 2020. Currently, Battery Smart provides a two-minute battery swap service to over 1200 customers across Delhi-NCR.
Leading the funding round were Blume Ventures and Orios Ventures, along with investments from Green Frontier Capital, Baring Private Equity India, and notable angels like Srinivas Anumolu (founder – Elance, TutorVista, Bigbasket, Bluestone), K Ganesh (serial entrepreneur & partner – GrowthStory.in), Niraj Singh, (founder & CEO – Spinny), and Amit Bhasin (co-founder – GoMechanic). TradeCred, India’s leading alternative debt platform, also participated as a debt partner with an investment of Rs 24 crore.
The money generated in this round of funding will be used to further enhance Battery Smart’s existing network and improve the technology being employed. It will also be used for expanding into three new states by FY22. The company already has around 125 swap stations across Delhi and they are looking at expanding their footprint in places like Gurugram, Ghaziabad, Noida and Faridabad. As of now, Battery Smart facilitates 5000 battery swaps every day and they would like to double it with this new funding.
All batteries part of Battery Smart’s network have an IoT device embedded in them at the time of manufacturing. This allows for smart tracking of the battery and its health which in turn helps the company chart out a host of information related to each driver’s driving behaviour and anticipate their charging needs as well. The company provides owners of two and three-wheelers the ability to swap out their drained battery for a fully charged one in just two minutes. This helps increase their up-time and earnings too.
“Given the excellent product-market fit for Battery Smart in the e-Rickshaw and fleet segment, we believe that the right player to win the market will be the one who is able to expand the fastest. After the COVID second wave, Battery Smart has grown more than 10x and continues to grow at a very rapid pace to currently service more than 1000 electric two and three-wheelers daily. We are excited to be a partner in the journey of Pulkit and Siddharth as they make adoption of electric mobility even more simple, economic, and accessible,” said Arpit Agarwal, Director, Blume Ventures.
“Battery swapping addresses major deterrents to EV adoption like range anxiety, high up-front costs, and long downtimes. The funds raised will help us expand our presence pan-India, strengthen our technology, and make key hires,” said Pulkit Khurana, Co-Founder of Battery Smart.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.