Battery Smart has set a target to broaden its geographical reach and increase its customer base to one lakh by 2025. To accomplish this goal it has successfully raised $33 million (Rs 272 crore) in a pre-Series B funding round.
With 25,000 existing customers across Tier I, II, and III cities, Battery Smart is focused on empowering station partners and drivers to contribute significantly to India’s shift towards electric mobility.
Pulkit Khurana, Co-founder and CEO of the Delhi-based battery swapping network,Battery Smart, expressed the company’s commitment to improving the livelihoods of their station partners and drivers, enabling them to play a crucial role in India’s electric mobility transition.
Devin Whatley, Managing Partner of The Ecosystem Integrity Fund, lauded Battery Smart‘s innovative business model, which has facilitated remarkable and sustainable growth. The partnership between the two organizations is set to further enhance Battery Smart’s impact.
Deep Varma, Head of Singapore at Tiger Global, shared his excitement in supporting Battery company and their mission to simplify and accelerate electric vehicle adoption for clean transportation. Tiger Global, along with Blume Ventures and Orios Ventures, led a Series A funding round in June 2022 that raised $25 million for Battery Smart. Since then, the company has experienced exponential growth, with a six-fold increase in revenue and customer base. Presently, Battery Smart operates a network of over 600 swap stations across 25 cities.
Battery Smart well set to drive the adoption of electric vehicles in India
The company has already completed more than 12 million battery swaps and aims to double that number. It operates under a franchise model, collaborating with small facilities and local garages to serve as battery-swapping stations. They source batteries from a variety of manufacturers, including Livguard, Greenfuel, and Lohum.
A fire incident occurred at one of Battery Smart‘s battery swapping stations earlier this year located in Delhi’s Janakpuri area. The station housed around 50 battery packs for electric vehicles. Khurana explained that a short circuit may have caused two battery packs to overheat, resulting in the fire. He emphasized that Battery Smart adheres to strict safety protocols, including comprehensive training for franchise staff in emergency situations and monthly safety checks at all battery swapping stations.
The funding round saw participation from existing investors Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund and British International Investment. This significant investment will fuel the Battery company’s expansion plans and drive the adoption of electric vehicles in India.
