Stride Ventures, a venture debt fund announced that it had invested Rs 75 crore into Battery Smart, a battery-swapping network provider.
Battery Smart, which offers swapping networks for electric three- and two-wheelers, said that it will use the funds to expand its network to new cities in India and add more batteries.
It added that the company has performed over 60 lakh battery swaps to date and set up over 440 swap stations with more than 13,000 customers in 12 Indian cities.
Ishpreet Singh Gandhi, Stride Venture Founder & Managing Partner, stated that Battery Smart is working towards building a strong EV ecosystem and was proud to support their efforts.
Pulkit Khurana, Co-founder of Battery Smart, said that the company plans to expand its EV-swapping network across India.
He said, “By expanding our reach across more cities and deploying more batteries to our network we aim to reach more EV users nationwide.”