Battery Smart Raises $33 Million In Pre-Series B Funding

By Saur News Bureau/ Updated On Thu, Jul 6th, 2023

EV Battery swapping network builder Battery Smart has announced a $33 million fund raise in its Pre-Series B funding. The firm plans to use the funds to expand its geographic footprint and acquire more users.

The latest funding round saw Battery Smart’s existing investors, Tiger Global and Blume Ventures, as well as new investors participate. These include the Ecosystem Integrity Fund (EIF) and British International Investment (BII).

The firm claims strong growth since its Series A round in June last year, when it raised $25 million. It currently claims 600 battery swap stations across 25 cities.

A strong battery swapping network and ecosystem is considered vital for EV growth , although detractors have claimed it is less sustainable than regular batteries, and also forces modularity on manufacturers, leading to stifling of battery innovation. Considering the experience on the ground, there is clearly a dire need for battery swapping or any service that speeds up charging for users, especially in commercial segments where EVs dominate currently. To that extent, Battery Smart has a ready made and expanding market in front of it.

The market has also heated up with the entry of global leader and pioneer Gogoro from Taiwan, which has also announced plans for manufacturing batteries in India.