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Battery swapping network Battery Smart on Tuesday said it raised $65 million in a Series B funding round comprising a mix of primary and secondary investments led by LeapFrog Investments.

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

Battery Smart will use the freshly raised funds to fuel the company’s next phase of expansion.

“The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence,” said Pulkit Khurana, Co-founder and CEO of Battery Smart.

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Battery Smart raises $33M from Tiger Global, Blume Ventures, and new investors

Since the launch of its first swap station in the National Capital four years ago, the company has scaled to 1,000 stations across 30 cities, completing over 35 million swaps and has expanded its footprint nationwide with charging stations in Tier I, II, and III cities.

“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,” said Nakul Zaveri, Partner and Co-head, Climate Investment Strategy, LeapFrog Investments.

By 2030, India’s vehicle count is projected to grow to 200 million two-wheelers and 12 million three-wheelers, Battery Smart said.

Elluminate Capital was the exclusive financial advisor on the funding transaction.