Battery Smart, a network specializing in battery swapping for electric two- and three-wheelers, has successfully raised $65 million in its Series B funding round led by LeapFrog Investments. This round, comprising both primary and secondary investments, attracted participation from key investors including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII).
The funding supports Battery Smart?s ambitious expansion plans, aiming to extend its battery-as-a-service solution to more cities across India. Since its inception in June 2020 with the first station in New Delhi, Battery Smart has grown to operate 1,000 stations in 30 cities, facilitating over 35 million battery swaps. The network spans Tier 1, 2, and 3 cities nationwide, serving more than 45,000 active customers and offering significant time and cost savings?up to 40% lower upfront costs for EV drivers.
Pulkit Khurana, Co-Founder & CEO, Battery Smart, expressed enthusiasm about partnering with LeapFrog Investments, MUFG Bank, and Panasonic, highlighting their expertise in banking, climate strategy, and sustainability. He also acknowledged the continued support from existing investors Tiger Global, Blume Ventures, EIF, and BII, highlighting global confidence in battery swapping as an innovative solution for electric mobility.
The fresh capital infusion will accelerate Battery Smart?s growth trajectory, enhancing technology capabilities, and consolidating its market presence. By 2030, as India?s vehicle fleet is projected to swell to 200 million two-wheelers and 12 million three-wheelers, Battery Smart aims to play a pivotal role in enhancing EV accessibility and affordability nationwide.
Shashank Joshi, Deputy CEO, MUFG India, emphasised their investment in Battery Smart aligns with their commitment to a zero-carbon future and supporting sustainable growth through innovative solutions. Battery swapping addresses critical barriers to EV adoption in India by offering a convenient and efficient alternative to traditional charging infrastructure, thereby enhancing consumer confidence and driving market expansion.
In July last year, Battery Smart raised $33 million in a pre-series B funding round. The surge in EV sales in India emphasises the growing demand and readiness for innovative mobility solutions that Battery Smart aims to fulfil with its expanded network and enhanced service offerings. (Source: Mercom)
