Battery Smart, a Battery tech startup has raised around $65 million in Series B funding round led by LeapFrog Investments.

The equity round also saw participation from new and existing investors, which includes MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment (BII).

As per the startup, the funding will be used to scale its battery-swapping network across the country and drive more electric mobility adoption.

Battery Smart | A Battery Tech Startup

Founded by Pulkit Khurana and Siddharth Sikka in 2019, Battery Smart is building India’s largest network of battery swapping stations providing Li-ion batteries on a pay-per-use basis for the drivers of three-wheeled electric rickshaws through our asset-light network of partner swap stations.

As of now, it claims to have 1,000 battery-swapping stations across 30 cities, completing over 35 million swaps with over 45,000 active customers.

The firm has its presence in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.

The firm has also collaborated with quick commerce platform Zepto to deploy 1,000 electric vehicles in the next financial year of FY25. The partnership will allow Zepto’s EV delivery partners to use Battery Smart’s battery-swapping network.

Speaking about the investment, Nakul Zaveri, Partner and Co-Head, Climate Investment Strategy, LeapFrog Investments, said,

“This investment is a natural fit for LeapFrog’s Climate Investment Strategy, which aims to invest $500-million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa.”

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