Battery Smart, a leading battery swapping network for electric two- and three-wheelers has closed a Pre-Series B round of $33 million (Rs 273 crore). The funding round saw participation from existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
The company says the additional capital will be utilised to add 100,000 customers to its network by 2025 and expand its geographic footprint.
In June 2022, Battery Smart raised $25 million (Rs 206 crore) in Series A funding led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.
600 Swapping stations across 25 cities
600 Swapping stations across 25 cities
Since then, it says it has witnessed a 6x growth in its revenue and customer base, creating a dense network encompassing more than 600 Swap Stations across 25 cities. Till date, it has completed more than 12 million battery swaps and is looking to double that number.
Devin Whatley, Managing Partner, Ecosystem Integrity Fund said, “We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth. We look forward to working with Pulkit and Siddharth in their mission to empower Battery Smart’s growing partner and driver community, and help India achieve its target of net-zero emissions by 2070.”
Pulkit Khurana, Co-Founder and CEO, Battery Smart said, “We are thrilled to welcome EIF and BII onboard our journey and are grateful for the continued support from Tiger Global and Blume Ventures, enabling us to build India’s largest battery swapping network. With 25,000 active customers across tier 1, 2 and 3 cities, we are keen to reinforce our ESG objectives while supporting India’s pursuit towards net-zero emissions. This investment also signifies our commitment to enhancing the livelihoods of our station partners and drivers, empowering them to play a significant role in India’s transition towards electric mobility.”
Deep Varma, Head of Singapore, Tiger Global said, “We are excited to continue to invest behind Pulkit, Siddharth and the entire Battery Smart team and their mission to simplify and accelerate electric vehicle adoption, and therefore clean transportation.”
