Battery Smart Charges Ahead with $65 Million Boost

June 11, 2024, 3:31 pm
Battery Smart
Battery Smart
Location: India, Haryana, Gurugram
Employees: 51-200
Founded date: 2019
Total raised: $177.06M
Battery Smart, a Delhi-based EV startup, has secured a hefty $65 million in Series B funding to supercharge its battery swapping network and drive electric mobility adoption across India. The funding round, led by LeapFrog Investments, saw a mix of new and existing investors like MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment jumping on board. With this fresh injection of capital, Battery Smart plans to rapidly expand its battery-as-a-service solution to more cities, bringing the convenience of battery swapping to a wider audience.

Founded in 2019 by IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart has already made significant strides in the EV space. With over 45,000 vehicles serviced in 30 cities, 35 million battery swaps completed, and 1000 swap stations set up, the startup is well on its way to revolutionizing the way electric two and three-wheelers power up.

Pulkit Khurana, the Co-Founder and CEO of Battery Smart, expressed excitement about the funding, stating that it will fuel the company's expansion, enhance its technology, and solidify its market presence. The company's mission aligns with LeapFrog Investments' Climate Investment Strategy, which aims to invest in companies driving the adoption of low-carbon technologies in growth markets like India and Africa.

As India gears up for a surge in electric vehicles, Battery Smart is poised to play a crucial role in the country's transition to a greener, more sustainable future. With plans to scale up its network and reach more customers, the startup is well-positioned to lead the charge towards a cleaner, more efficient transportation ecosystem.