Battery Smart Raises $25 Million In Series A Funding
Battery Smart, a New Delhi-based battery-swapping network for electric vehicles, has closed a Series A round of $25 million led by Tiger Global. Blume Ventures and Orios Ventures also participated in the funding round.
As per the startup, the raised funds will be used to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.
Battery Smart | EV Battery-swapping Network
Founded by Pulkit Khurana and Siddharth Sikka, Battery Smart is building India’s largest network of battery swapping stations. The startup provides Li-ion batteries on a pay-per-use basis for the drivers of three-wheeled electric rickshaws through its asset-light network of partner swap stations.
Its battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60 percent.
Speaking on the development, Pulkit Khurana, Co-founder of Battery Smart, said,
“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 to make key hires in our growing team.”
Since June 2020, Battery Smart has completed over 2.5 million battery swaps and powered 80 million emission-free kilometres.
As per reports, the battery swapping market in India has strong growth prospects. The two and three-wheelers EVs are expected to contribute up to 30 percent of first- and last-mile vehicle sales by 2027.
Last week, Statiq, an electric vehicle charging network startup that enables users to locate and book EV chargers through its mobile app, raised $25.7 million (over Rs 200 crore) in its Series A funding round led by Shell Ventures.
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