Battery Smart Raises 248 CR in Ongoing Series B Funding to Expand EV Battery Swapping Network
Battery Smart is a leading battery-swapping network for electric vehicles. The organization has raised 248 crore in the recent Series B funding round. With the newly secured funds, the company is aiming to deepen the existing markets and expand into new cities.
Battery Smart Series B funding was led by Rising Tide Energy, a private equity firm based in New-York. Participation from responsAbility Investments AG, Ecosystem Integrity Fund, and LeapFrog Investments was seen in this investment round.
The company was founded by Pulkit Khurana and Siddharth Sikka in 2019. Battery Smart’s innovative approach to EV battery swapping addresses the key challenges in the EV sector. By providing battery-swapping stations, the company enables EV users to quickly exchange the low on charge batteries with fully charged ones. This improves the operational efficiency.
Battery Smart has 1500+ battery swapping stations across 300+ locations in Delhi. The stations have operated more than 70 million swaps to date and serve 68,036 EV drivers currently.
The company is valued at around $451 million. With the fresh funding, Battery Smart aims to boost the adoption of electric mobility. This power move aligns with the company’s vision to make electric mobility more accessible and convenient for users all around India.
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