Battery Smart, a cutting-edge battery technology startup, has successfully raised $65 million in its Series B funding round, led by LeapFrog Investments. This round also saw participation from notable investors such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII).
While Battery Smart has not disclosed its current valuation, the first tranche of its Series B funding, amounting to $45 million, valued the company at approximately $340 million. This marks a substantial increase from its $210 million valuation during the pre-Series B round in November of the previous year.
The newly acquired funds will be instrumental in scaling Battery Smart’s battery-swapping network nationwide, thereby accelerating the adoption of electric mobility. In a press release, the company emphasized its commitment to enhancing infrastructure and supporting the transition to electric vehicles.
Battery Smart specializes in advanced lithium-ion batteries designed for electric two-wheelers and three-wheelers. The company’s innovative battery-as-a-service (BaaS) model allows customers to swap batteries quickly at any of its stations, mitigating the high upfront costs typically associated with electric vehicle batteries.
Currently, Battery Smart boasts a network of 1,000 battery-swapping stations across 30 cities, serving over 45,000 active customers. The company has achieved more than 35 million battery swaps to date. Its operational footprint spans several key regions, including Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.
In a strategic move to further its growth, Battery Smart has partnered with quick commerce platform Zepto to deploy 1,000 electric vehicles in the upcoming financial year, FY25. This collaboration will enable Zepto’s EV delivery partners to leverage Battery Smart’s extensive battery-swapping infrastructure.
Ownership in Battery Smart is currently led by Tiger Global, which holds a 23% stake. The company’s co-founders, Pulkit Khurana and Siddharth Sikka, each own 14.28% stakes, while Blume Ventures holds more than 12%.
With this significant infusion of capital, Battery Smart is well-positioned to continue its expansion and play a pivotal role in the growing electric mobility ecosystem in India.
