Battery swapping start-up for electric two and three-wheelers, Battery Smart has successfully raised $33 million in a Pre-Series B funding round. The round saw participation from both existing and new investors, including Tiger Global, Blume Ventures, The Ecosystem Integrity Fund (EIF), and British International Investment (BII).
The capital raised will be utilized to expand Battery Smart’s customer base and geographic presence, with a target of reaching 100,000 customers on its network by 2025. Battery Smart offers a ‘battery-as-a-service’ (Baas) model that enables quick and interoperable battery swaps for electric two and three-wheelers in under two minutes. Battery Smart had previously raised $25 million in a Series A funding round led by Tiger Global in June 2022, with participation from Blume Ventures and Orios Ventures. The company said it has experienced notable growth, achieving a 6x increase in revenue and customer base within a year.
Battery Smart established a network of over 600 Swap Stations across 25 cities. To date, the company has completed more than 12 million battery swaps and aims to double that number, said an official release.
Speaking on the occasion, Devin Whatley, Managing Partner, Ecosystem Integrity Fund, said, “We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth. We look forward to working with Pulkit and Siddharth in their mission to empower Battery Smart’s growing partner and driver community and help India achieve its target of net-zero emissions by 2070.”
Pulkit Khurana, Co-Founder and CEO, Battery Smart, said, “We are thrilled to welcome EIF and BII onboard our journey and are grateful for the continued support from Tiger Global and Blume Ventures, enabling us to build India’s largest battery swapping network. With 25,000 active customers across tier 1, 2 and 3 cities, we are keen to reinforce our ESG objectives while supporting India’s pursuit towards net-zero emissions. This investment also 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.”
Deep Varma, Head of Singapore at Tiger Global, also shared his enthusiasm for supporting Battery Smart’s mission to accelerate electric vehicle adoption and clean transportation.
BaaS model reduces the upfront investment required by consumers by up to 40%. With the projected growth of India’s domestic electric vehicle market, expected to reach a market size of $113.99 billion by 2029, investments in the Indian EV and climate tech sector continue to flow.
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