Battery Smart Raises $45M in Funding Round by Acacia Inclusion Limited

Battery Smart, a leading battery technology startup, has secured $45 million in a new funding round. The investment was led by Acacia Inclusion Limited, with participation from MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment.

According to regulatory filings accessed from the Registrar of Companies, Battery Smart issued 87,113 Series B Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 43,203 each, raising Rs 376.35 crore ($45 million).

Acacia Inclusion contributed Rs 124.75 crore, followed by MUFG Bank and Blume Ventures with Rs 93.56 crore and Rs 41.58 crore, respectively. The Ecosystem Integrity Fund and British International Investment invested Rs 41.58 crore and Rs 49.90 crore, respectively.

After the latest round, Blume Ventures holds a significant 14.43% stake in Battery Smart, while Acacia Inclusion and The Ecosystem Integrity Fund command 9.83% and 6.56%, respectively.

The funding round values Battery Smart at Rs 2,830 crore or $341 million, marking a 62.5% increase from its previous valuation in the pre-Series B financing round last year.

Battery Smart, Gurugram-headquartered, has raised over $120 million to date, with previous investments from Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.

The startup specializes in advanced lithium-ion batteries for electric two and three-wheelers, offering a battery-as-a-service (BaaS) solution that allows customers to swap batteries at any of its 1,000 swapping stations across 30 cities. This service helps customers save on high upfront costs.

In the fiscal year ending March 2023, Battery Smart reported a seven-fold increase in revenue to Rs 55.8 crore compared to Rs 7.95 crore in FY22.

However, its losses increased 4.9 times to Rs 64.51 crore during FY23 from Rs 13.08 crore in the previous fiscal year.

It faces competition from industry players such as Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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