Battery Smart, a business focused on battery technology, has raised $65 million in a Series B financing headed by LeapFrog Investments. Both new and old investors, such as Panasonic and MUFG Bank, participated in the equity round.
Using the funds, the business plans to expand its nationwide battery-swapping network and encourage more adoption of electric vehicles.
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Battery Smart does not reveal its current valuation, but it was estimated to be worth $340 million in the initial Series B funding round, which included $45 million.
For electric two- and three-wheelers, Battery Smart offers cutting-edge lithium-ion batteries that can be quickly changed at any of its swapping stations. Its battery-as-a-service (BaaS) approach lowers expensive upfront expenditures for clients.
Nakul Zaveri of LeapFrog Investments emphasized how Battery Smart’s product line aligns with both LeapFrog’s Climate Investment Strategy—which seeks to invest $500 million in low-carbon technology throughout Asia and Africa—and India’s net zero transition. The investment’s compatibility with MUFG’s commitment to a zero-carbon future and the improvement of India’s electric vehicle infrastructure was stressed by Shashank Joshi, Deputy CEO of MUFG India.
About Battery Smart
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart is building India’s largest network of battery swapping stations providing Li-ion batteries on a pay-per-use basis for the drivers of three-wheeled electric rickshaws through our asset-light network of partner swap stations.
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