Battery Smart gets $65M for battery swap network acceleration

June 11, 2024: Battery Smart, considered as among the top ten EV Battery Swapping startup for electric two wheeler and three wheeler on Tuesday announced it has successfully secured $65 million in a Series B funding round to accelerate the company’s next phase of growth trajectory.

Pulkit Khurana, Co-founder and CEO of Battery Smart says “The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.”

Battery Smart Battery Swapping Station Growth to catalyse EV Vehicle Adoption

Established in 2019, Battery Smart simplifies EV adoption, making it economical and easily accessible. With its first battery-swapping station launched in June 2020, the company claimed to have scaled rapidly to become India’s largest battery-swapping network for electric two and three-wheelers.

According to the company its’ interoperable battery swapping model, dense network, and 2-minute battery swaps eliminate major roadblocks to faster adoption of electric vehicles.

Since the launch, the EV battery startup has established 1,000 stations across 30 cities, achieving over 35 million swaps and has widened its presence nationwide with charging stations in Tier I, II, and III cities.

“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,” said Nakul Zaveri, Partner and Co-head, Climate Investment Strategy, LeapFrog Investments. By 2030, India’s vehicle count is projected to grow to 200 million two-wheelers and 12 million three-wheelers, Battery Smart mentioned.

Elluminate Capital was the exclusive financial advisor on the funding transaction. The funding round have a mix of primary and secondary investments led by LeapFrog Investments. The round also saw investments from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment(BII).

Battery Smart’s tagline which states “Kabhi Rukna Nahi” embodies the promise of uninterrupted electric vehicle (EV) mobility through quick 2-minute battery swaps.

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