Battery Smart, a battery-swapping network for electric vehicles, has closed a Series A round of $25 million led by Tiger Global, with participation from Blume Ventures and Orios Ventures.

The fresh funds will be utilised to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations. In November 2021, Battery Smart had raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures, along with some angel investors.

Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and helps reduce the up-front investment borne by a consumer by up to 60 per cent. Its data-driven methodology and superior battery telematics have enabled it to grow exponentially. The company has completed over 2.5 million battery swaps and powered 80 million emission-free kms.

Pulkit Khurana, Co-Founder, Battery Smart, said, “We are thrilled to have Tiger Global be a part of our journey to build India’s largest EV battery swapping network. Battery swapping has potential to fast-track the country’s EV adoption, as it solves major deterrents including range anxiety, high upfront costs, and long charging downtimes. With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap Stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and make key hires in our growing team.”

“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Pulkit and Siddharth, as they rapidly expand their footprint in key markets,” added Connie Lee, Partner, Tiger Global.

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