Battery Smart secures USD 15 million in debt funding from Mirova

Battery Smart (Upgrid Solutions Private Limited), a battery-swapping network operator for electric two- and three-wheelers, has secured USD 15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing. The funding will be used to expand Battery Smart’s battery-as-a-service (BaaS) infrastructure and its network of partner-led stations across urban and semi-urban markets in India.

Battery Smart operates a BaaS platform that enables electric vehicle (EV) users to exchange depleted batteries for charged ones. The model is intended to reduce vehicle downtime, lower upfront costs, and support usage in segments such as last-mile delivery and passenger mobility. The funding is expected to support network expansion and services for gig economy drivers and fleet operators, focusing on access, uptime, and operating costs.

The company launched its first partner-led station in New Delhi in June 2020 and currently operates more than 1,600 partner-led stations for electric two- and three-wheelers across 50 cities, according to a company statement. It claims the battery-swapping process typically takes around two minutes.

Pulkit Khurana, Founder and CEO of Battery Smart, stated that “This financing marks an important step for us as we continue to scale our battery-as-a-service network across India. With Mirova’s support, we aim to accelerate network expansion and further our focus on making electric mobility more accessible, affordable, and inclusive for drivers across the country.”

Priyanka Mehrotra, Investment Director at Mirova (Natixis Investment Managers Singapore Limited), stated that “This transaction marks our third investment in India, thus reflecting continued commitment to supporting high-impact climate solutions in emerging markets. We are pleased to support the next phase of Battery Smart’s growth, rooted in a scalable and operationally efficient model that addresses both environmental and economic challenges, particularly in last-mile mobility.”

TSW Capital Services Private Ltd, a financial advisory firm, acted as the transaction advisor for the funding. Mirova reported €36.4 billion in assets under management as of December 2025.

Also read: ElectroRide and Battery Smart to establish battery swapping at 2,500 locations across India