Battery Smart Powers Up with $21 Million in Series B Funding
June 26, 2025, 3:37 pm
Battery Smart, a rising star in the electric vehicle (EV) ecosystem, has just secured an additional $21 million in its ongoing Series B funding round. This investment is led by Rising Tide Energy, a global impact fund with a keen eye on sustainable ventures. The funding landscape is shifting, and Battery Smart is at the forefront of this change.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart is based in Gurugram, India. The startup specializes in battery swapping services for electric two- and three-wheelers. With over 1,518 battery swapping stations across India, including 321 in the bustling capital of Delhi, the company is making waves in the EV market.
Battery swapping is like a pit stop for electric vehicles. Instead of waiting for hours to recharge, users can swap out their depleted batteries for fully charged ones in mere minutes. This quick-swap model not only reduces downtime but also enhances vehicle utilization. In a world where time is money, this service is a game changer, especially for sectors like last-mile delivery and shared mobility.
The recent funding round has attracted attention from several notable investors. Alongside Rising Tide Energy, the ResponsAbility Asia Climate Fund, Acacia Inclusion Ltd, and Ecosystem Integrity Fund have all thrown their hats into the ring. Rising Tide alone invested approximately INR 106 crore, while ResponsAbility contributed INR 51 crore. Ecosystem Integrity Fund and Acacia Inclusion rounded out the investment with INR 12.9 crore and the remaining amount, respectively.
According to filings with the Registrar of Companies (RoC), Battery Smart's board approved the issuance of 33,192 Series B1 CCPS at an issue price of INR 54,407 each. This move is part of a larger strategy to raise approximately INR 180.5 crore (around $21 million). The total Series B round is expected to reach $29 million, with additional investments anticipated soon.
Battery Smart's business model is centered around Battery-as-a-Service (BaaS). This approach significantly lowers the upfront costs for users, making electric vehicles more accessible. For many, the high initial cost of EVs can be a barrier. Battery Smart's model dismantles that barrier, allowing more people to embrace electric mobility.
The company currently holds a commanding 36% market share in India's battery swapping segment, according to data from Tracxn. This dominance is no accident. Battery Smart has positioned itself as a leader in a rapidly growing market. As the demand for electric vehicles surges, so does the need for efficient charging solutions. Battery swapping is emerging as a viable alternative to traditional charging methods.
The funding will be instrumental in expanding Battery Smart's operations. The company plans to strengthen its presence in existing cities while also venturing into new markets. This dual approach is strategic. By solidifying its base, Battery Smart can ensure reliability and customer satisfaction. Expanding into new territories will allow the company to tap into fresh opportunities and broaden its impact.
The electric vehicle market in India is on the brink of a revolution. With government incentives and a growing awareness of environmental issues, more consumers are considering electric options. Battery Smart is poised to ride this wave. The startup's innovative solutions align perfectly with the country's push towards sustainable transportation.
The previous funding rounds have also been significant. Battery Smart raised $65 million in June 2023, backed by prominent investors like MUFG Bank, Panasonic, Blume Ventures, and British International Investment (BII). This cumulative funding, which now totals around $170 million, underscores the confidence investors have in Battery Smart's vision and execution.
As the world shifts towards greener alternatives, Battery Smart is not just keeping pace; it is leading the charge. The startup's focus on battery swapping is a testament to its understanding of the market's needs. In a landscape where convenience and efficiency are paramount, Battery Smart's services are like a breath of fresh air.
The future looks bright for Battery Smart. With the new funds, the company can enhance its infrastructure, improve technology, and expand its reach. The electric vehicle ecosystem is evolving, and Battery Smart is at the heart of this transformation.
In conclusion, Battery Smart's recent funding round is more than just a financial boost. It represents a commitment to innovation and sustainability in the electric vehicle sector. As the company gears up for expansion, it is set to play a pivotal role in shaping the future of transportation in India. The road ahead is electric, and Battery Smart is driving the way forward.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart is based in Gurugram, India. The startup specializes in battery swapping services for electric two- and three-wheelers. With over 1,518 battery swapping stations across India, including 321 in the bustling capital of Delhi, the company is making waves in the EV market.
Battery swapping is like a pit stop for electric vehicles. Instead of waiting for hours to recharge, users can swap out their depleted batteries for fully charged ones in mere minutes. This quick-swap model not only reduces downtime but also enhances vehicle utilization. In a world where time is money, this service is a game changer, especially for sectors like last-mile delivery and shared mobility.
The recent funding round has attracted attention from several notable investors. Alongside Rising Tide Energy, the ResponsAbility Asia Climate Fund, Acacia Inclusion Ltd, and Ecosystem Integrity Fund have all thrown their hats into the ring. Rising Tide alone invested approximately INR 106 crore, while ResponsAbility contributed INR 51 crore. Ecosystem Integrity Fund and Acacia Inclusion rounded out the investment with INR 12.9 crore and the remaining amount, respectively.
According to filings with the Registrar of Companies (RoC), Battery Smart's board approved the issuance of 33,192 Series B1 CCPS at an issue price of INR 54,407 each. This move is part of a larger strategy to raise approximately INR 180.5 crore (around $21 million). The total Series B round is expected to reach $29 million, with additional investments anticipated soon.
Battery Smart's business model is centered around Battery-as-a-Service (BaaS). This approach significantly lowers the upfront costs for users, making electric vehicles more accessible. For many, the high initial cost of EVs can be a barrier. Battery Smart's model dismantles that barrier, allowing more people to embrace electric mobility.
The company currently holds a commanding 36% market share in India's battery swapping segment, according to data from Tracxn. This dominance is no accident. Battery Smart has positioned itself as a leader in a rapidly growing market. As the demand for electric vehicles surges, so does the need for efficient charging solutions. Battery swapping is emerging as a viable alternative to traditional charging methods.
The funding will be instrumental in expanding Battery Smart's operations. The company plans to strengthen its presence in existing cities while also venturing into new markets. This dual approach is strategic. By solidifying its base, Battery Smart can ensure reliability and customer satisfaction. Expanding into new territories will allow the company to tap into fresh opportunities and broaden its impact.
The electric vehicle market in India is on the brink of a revolution. With government incentives and a growing awareness of environmental issues, more consumers are considering electric options. Battery Smart is poised to ride this wave. The startup's innovative solutions align perfectly with the country's push towards sustainable transportation.
The previous funding rounds have also been significant. Battery Smart raised $65 million in June 2023, backed by prominent investors like MUFG Bank, Panasonic, Blume Ventures, and British International Investment (BII). This cumulative funding, which now totals around $170 million, underscores the confidence investors have in Battery Smart's vision and execution.
As the world shifts towards greener alternatives, Battery Smart is not just keeping pace; it is leading the charge. The startup's focus on battery swapping is a testament to its understanding of the market's needs. In a landscape where convenience and efficiency are paramount, Battery Smart's services are like a breath of fresh air.
The future looks bright for Battery Smart. With the new funds, the company can enhance its infrastructure, improve technology, and expand its reach. The electric vehicle ecosystem is evolving, and Battery Smart is at the heart of this transformation.
In conclusion, Battery Smart's recent funding round is more than just a financial boost. It represents a commitment to innovation and sustainability in the electric vehicle sector. As the company gears up for expansion, it is set to play a pivotal role in shaping the future of transportation in India. The road ahead is electric, and Battery Smart is driving the way forward.