Battery tech startup Battery Smart has successfully raised $65 million in a Series B funding round led by LeapFrog Investments. The round also saw participation from both new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII).
Although Battery Smart has not disclosed its current valuation, the company was valued at approximately $340 million during the first tranche of the Series B round, which amounted to $45 million. This marks a significant increase from its pre-Series B valuation of $210 million in November of the previous year.
The newly secured funds will be utilized to expand Battery Smart’s battery-swapping network nationwide and to promote the adoption of electric mobility, the company announced in a press release.
Battery Smart specializes in providing advanced lithium-ion batteries for electric two and three-wheelers, which can be swiftly swapped at any of its stations. This battery-as-a-service (BaaS) model helps customers avoid high upfront costs.
The company currently operates 1,000 battery-swapping stations across 30 cities, having completed over 35 million swaps with more than 45,000 active customers. Battery Smart has a presence in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.
Recently, Battery Smart partnered with quick commerce platform Zepto to deploy 1,000 electric vehicles in FY25. This partnership will enable Zepto’s EV delivery partners to utilize Battery Smart’s battery-swapping network.
According to startup data intelligence platform TheKredible, Battery Smart experienced a seven-fold increase in revenue, reaching Rs 55.8 crore in FY23 from Rs 7.95 crore in FY22. However, the company’s losses also surged 4.9 times to Rs 64.51 crore from Rs 13.08 crore in the same period.
Currently, Tiger Global holds a 23% stake in Battery Smart, followed by co-founders Pulkit Khurana and Siddharth Sikka, each holding 14.28%. Blume Ventures owns more than 12% of the company. For more details, visit TheKredible.
This strategic funding round underscores Battery Smart’s commitment to enhancing its infrastructure and driving forward the electric mobility revolution in India.
