Battery swapping network Battery Smart 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.
The Delhi-based company plans to use the capital to expand its geographical presence and customer base by one lakh by 2025. Battery Smart currently has 25,000 customers across Tier I, II, and III cities.
“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,” said Pulkit Khurana, Co-founder and CEO, Battery Smart.
“We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth,” said Devin Whatley, Managing Partner, The Ecosystem Integrity Fund.
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“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,” said Deep Varma, Head of Singapore, Tiger Global.
In June 2022, Battery Smart raised $25 million in Series A funding led by Tiger Global, along with participation from Blume Ventures and Orios Ventures. Since then, the company said it has witnessed a 6X growth in revenue and customer base, creating a network of over 600 swap stations across 25 cities.
To date, the company has completed more than 12 million battery swaps and is looking to double that number.
Battery Smart follows a franchise model, collaborating with small facilities and mom-and-pop garages to serve as battery-swapping stations.
The company sources its batteries from various manufacturers, including Livguard, Greenfuel, and Lohum.
Earlier this year, one of Battery Smart’s battery swapping stations, located in Delhi’s Janakpuri area, caught fire. The station housed approximately 50 battery packs intended for powering electric vehicles.
Khurana said a short circuit may have caused two battery packs to overheat, leading to the fire. He emphasised that Battery Smart adheres to stringent safety protocols, including training franchise staff for emergency situations and conducting monthly checks at all battery swapping stations to ensure safety.
(More information has been added to this PTI copy for context.)
Edited by Swetha Kannan
