Battery Smart, a battery swapping network for electric two and three-wheelers, has raised $33 million in pre-Series B funding.
The funding round saw participation from Battery Smart’s existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII). The added capital will be utilised by the company to add one lakh customers to its network by 2025, and expand its geographic footprint, said the start-up in a release.
“We are excited to partner with a start-up, a company whose innovative business model has enabled impressive and sustainable growth. We look forward to working with them and helping India achieve its target of net-zero emissions by 2070,” said Devin Whatley, Managing Partner, Ecosystem Integrity Fund.
Last year, the company raised $25 million in Series A funding led by Tiger Global, with participation from Blume Ventures and Orios Ventures.
Road ahead
It claims to have witnessed a 6x growth in its revenue and customer base, creating a dense network encompassing more than 600 swap stations across 25 cities. To date, it has completed more than 12 million battery swaps and is looking to double that number.
“With 25,000 active customers across tier 1, 2 and 3 cities, we are keen to reinforce our environmental, social and governance (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,” said Pulkit Khurana, Co-Founder and CEO, Battery Smart.
The company’s battery-as-a-service model enables interoperable battery swapping for two and three-wheeler EVs in under two minutes and reduces the up-front investment borne by a consumer by up to 40 per cent.
As per reports, the homegrown EV market is projected to reach a market size of $113.99 billion by 2029. With EV adoption on the rise, investments are continuing to flow into the Indian EV and climate tech space, noted the company.