Battery Smart, a pioneering battery technology startup, has just closed a significant funding round, raising $45 million from a consortium of investors. Among them are notable names such as Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment.

According to regulatory filings accessed from the Registrar of Companies, Battery Smart’s board has approved the issuance of 87,113 Series B CCPS (Compulsorily Convertible Preference Shares) at an issue price of Rs 43,203 each, resulting in a total raise of Rs 376.35 crore ($45 million).

Acacia Inclusion contributed Rs 124.75 crore, leading the investment, followed by MUFG Bank and Blume Ventures with Rs 93.56 crore and Rs 41.58 crore, respectively. The Ecosystem Integrity Fund and British International Investment invested Rs 41.58 crore and Rs 49.90 crore, respectively, while PC-SBI Kurashi Visionary Fund joined with Rs 24.94 crore.

Following this round, Battery Smart’s early investor, Blume Ventures, retains a significant 14.43% stake, while Acacia Inclusion and Ecosystem Integrity own 9.83% and 6.56%, respectively.

This funding round comes as Battery Smart continues to expand its operations and enhance its battery-as-a-service (BaaS) offering. The company, which specializes in advanced lithium-ion batteries for electric two- and three-wheelers, allows users to swap depleted batteries for fully charged ones at its swapping stations in just a few minutes. This model significantly reduces customers’ upfront costs.

Since its inception, Battery Smart has rapidly grown its presence, boasting 1,000 swapping stations across 30 cities and completing over 35 million battery swaps. The company operates in key regions, including Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.

This latest funding round follows a $33 million pre-Series B round in July last year, bringing Battery Smart’s total funds raised to over $120 million. Previous investors include Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.

Battery Smart faces competition from players like Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy in the rapidly growing electric vehicle battery solutions market. With this fresh capital injection, Battery Smart aims to further solidify its position as a leader in providing innovative and sustainable battery solutions for the electric vehicle industry.