New Delhi, India-based electric vehicle battery swapping startup Battery Smart raised USD 25 million in Series A funding. The round took place on June 27, 2022. Tiger Global Management led the funding for Battery Smart. Meanwhile, existing investors such as Blume Ventures and Orios Ventures participated in the round.
The recent funding marks the third investment by Tiger Global in the EV sector. Earlier, Ather Energy and Ola Electric received funds from the U.S-based venture capital.
Purpose of Funding by Battery Smart
With the recent investment, Battery Smart is eyeing expansion in new territories. Meanwhile, the EV battery swapping startup will focus on strengthening its battery assignment technology. Moreover, the company will ramp up its hiring operations as it seeks to build a team to scale its operations.
Previously in November 2021, the startup raised USD 7 million in a pre-series A round. Blume Ventures and Orios Ventures, as well as angel investors, led the funding back then for the company.
What the founder has to say
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 make key hires in our growing team.”
What the investor has to add
“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” said Connie Lee, Partner, Tiger Global.
About Battery Smart
Serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka set up Battery Smart in 2020. Since its inception, the company has swapped more than 2.5 million batteries and powered 80 million emission-free kilometres. The platform’s battery-as-a-service model allows interoperable battery swapping for EVs in under two minutes. Moreover, it reduces the up-front investment a consumer bears by up to sixty per cent. Battery Smart has plans to establish swapping stations in every square kilometre area. The company currently operates more than 200 live swap stations across ten cities.
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