Battery Smart Raises $33 Million In Fresh Funding
Battery Smart, a Delhi-based battery-swapping startup, has raised $33 million (Rs 272 crore) in a pre-Series B funding round from existing investors Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund and British International Investment.
As per the startup, the freshly raised funds will be used to expand its geographical presence and customer base by one lakh by 2025.
Battery Smart | EV Battery-swapping Network
Founded by Pulkit Khurana and Siddharth Sikka, Battery Smart 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.
Building India’s largest network of battery-swapping stations, the Delhi-based startup has completed over 12 million battery swaps and is looking to double that number. It has also powered more than 80 million emission-free kilometres since June 2020.
Speaking about the development, Pulkit Khurana, Co-founder and CEO of Battery Smart, said,
“This investment 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.”
The Delhi-based startup’s 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.
Currently having 25,000 customers across Tier I, II, and III cities, the startup follows a franchise model, collaborating with small facilities and mom-and-pop garages to serve as battery-swapping stations. Battery Smart sources its batteries from various manufacturers, including Greenfuel, Livguard, and Lohum.
Commenting on the development, Deep Varma, Head of Singapore, Tiger Global, said,
“We are excited to continue to invest behind Pulkit, Siddharth, and the entire Battery Smart team and their mission to simplify and accelerate electric vehicle adoption. and therefore, clean transportation.”
In June 2022, Battery Smart closed a Series A round of $25 million led by Tiger Global to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations. Blume Ventures and Orios Ventures also participated in the funding round.
According to reports, the battery-swapping market in India has strong growth prospects. The segment is expected to grow as the two and three-wheelers EVs are projected to contribute up to 30 percent of first- and last-mile vehicle sales by 2027.
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