Battery Smart, a battery-swapping network, has successfully raised USD 33 million (approximately Rs 272 crore) in a funding round. The recent funding round, known as Pre-Series B, witnessed the involvement of both current backers, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
The raised capital will be utilized to expand Battery Smart’s customer base by adding 1 lakh new customers to its network by 2025. Additionally, the company plans to expand its operations to cover a larger geographic footprint.
Pulkit Khurana, Co-Founder and CEO of Battery Smart expressed the company’s commitment to environmental, social, and governance (ESG) objectives while supporting India’s goal of achieving net-zero emissions. The investment reflects Battery Smart’s dedication to empowering station partners and drivers, enabling them to contribute significantly to India’s transition to electric mobility.
In a previous funding round in June 2022, Battery Smart secured USD 25 million in Series A funding led by Tiger Global, with participation from Blume Ventures and Orios Ventures.
