Grip Invest and Battery Smart sign USD 2 million lease financing for electric vehicles. Grip Invest aims to lease 4000 e-rickshaw batteries which will save operational costs and will enable an asset-light business model.
Grip Invest is a digital platform that facilitates new investments. The company has enabled 15 EV players in the country and will work on the next growth project. Grip is an investment marketplace that provides investors with options to co-invest and have partial ownership in physical assets that earn lease income
Battery Smart currently operates 160 live stations in Noida, Gurugram, and Delhi. It is building the biggest network of battery swapping for 2 and 3 electric wheelers. The company has recently done 5 lakh swaps and is seeing an increase in demand too.
EV drivers can stop at any partner of the company to charge the battery if they need to charge the batteries in less than 2 minutes. In the next 5 years, around 4 million electric vehicles will be sold as per a report.
Vivek Gulati, Co-founder, and COO, Grip Invest, said, “Battery Smart has made significant progress in resolving charging-related challenges for e-rickshaws and electric two-wheelers in India. By introducing asset-light models, Battery Smart can increase commute hours and facilitate greater adoption of e-rickshaws and commercial two-wheelers across urban as well as rural areas.”
Pulkit Khurana, co-founder, Battery Smart, said, “Having Grip onboard will help us scale to five other cities while continuing to stay asset-light. We’ve grown more than 15X in the past six months and currently service over 2000 e-two and three-wheelers daily.”
