Battery Smart raises $25M in Series A round led by Tiger Global
New Delhi-based battery-swapping network for electric vehicles Battery Smart on Monday announced that it has closed a Series A round of $25 million. The funding was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.
In November 2021, the startup raised $7 million in a Pre-Series A round led by Blume Ventures and Orios Ventures, along with notable angel investors.
As per the official release, the funds will be used to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.
Founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60 percent.
Operationalised in June 2020, the company has completed over 2.5 million battery swaps and powered 80 million emission-free kilometres.
Pulkit Khurana, Co-founder, Battery Smart, said, “Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes.
“With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap Stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and to make key hires in our growing team.”
“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and ecommerce. We are excited to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” said Connie Lee, Partner, Tiger Global.
With Niti Aayog publishing a draft battery swapping policy last month, battery swapping infrastructure and EV financing will continue to receive heightened focus from the government.
Reports show that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30 percent of first- and last-mile vehicle sales by 2027.
Battery Smart seems to be an interesting startup with spurring new development on internet publishing platform. I’m certain this startup would keep on flourishing in its excursion ahead. My best wishes to the entire team of Battery Smart. This will give them tremendous achievements in the future.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.