With Latest Funding, Battery Smart To Expand Services In More Cities

ADB To Support Electric Transport Connectivity For Nagpur Metro

Indian battery swapping company Battery Smart announced it has raised $65 million in a Series B funding round led by LeapFrog Investments, the pioneering profit with purpose firm. The equity round consisted of a mix of primary and secondary investments and saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII). 

Battery Smart will use the added capital to fuel its next phase of expansion by bringing its battery-as-a-service solution to more cities across India. Since the launch of Battery Smart’s first swap station in New Delhi in June 2020, the company has rapidly scaled to 1000 stations across 30 cities, completing over 35 million swaps. 

Expanding its footprint nationwide, it has set up stations in Tier 1, 2, and 3 cities. The company has been at the forefront of the battery swapping movement, empowering its over 45,000 active customers with convenient, low-carbon driving range. Its asset-light approach enables it to partner with Indian Small and Medium sized businesses (SMBs) and leverage their existing infrastructure to set up swap stations at a rapid pace, while also improving the livelihoods of local business owners. 

Speaking on the occasion, Pulkit Khurana, Co-Founder and CEO, Battery Smart, said, “We are thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, who bring extensive expertise across banking, climate strategy, and environmental sustainability. We are also profoundly grateful for the continued support from our existing investors- Tiger Global, Blume Ventures, EIF, and BII. Their combined support showcases the growing global confidence in battery swapping as an innovative electric mobility solution and the mission of Battery Smart to make electric mobility accessible and affordable for all. The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.”

Nakul Zaveri, Partner and Co-Head, Climate Investment Strategy, LeapFrog Investments, said: “We view Battery Smart’s offering as a major contributor to India’s overall net zero transition – enabling not only the rapid adoption and sustained use of EVs across the country, but also the decarbonisation of the grid. This investment is a natural fit for LeapFrog’s Climate Investment Strategy, which aims to invest $500 million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa. We are extremely excited to be partnering with Pulkit and Siddharth to accelerate India’s transition toward electric mobility.”