Battery-swapping network for electric vehicles Battery Smart has raised $25 million in its Series A funding round from Tiger Global, along with participation from Blume Ventures and Orios Ventures.
The company plans to use the funds to expand into new territories, strengthen its battery assignment technology, and build its team to continue scaling operations.
New Delhi-based Battery Smart was founded in 2020 by Pulkit Khurana and Siddharth Sikka, Its battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in less than two minutes and reduces consumer-generated up-front investment by up to 60 percent.
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The company has operated over 2.5 million battery swaps and 80 million emission-free kilometers.
“Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes”, said, Pulkit Khurana, Co-founder, Battery Smart.
“With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap Stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and to make key hires in our growing team”, he added.
With NITI Aayog publishing a draft battery swapping policy last month, the government’s focus on battery swapping infrastructure and EV financing will continue.
As per reports, the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30 percent of first and last-mile vehicle sales by 2027.
“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and ecommerce. We are excited to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” said, Connie Lee, Partner, Tiger Global.
In November 2021, Battery Smart had raised $7 million in its Pre-Series A funding round from Blume Venturan, Orios Ventures, along other angel investors.
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About Battery Smart
Battery Smart is India’s largest and fastest-growing Battery Swapping Network for electric two and three-wheelers. Launched in June 2020, they aim to revolutionize the EV sector by making electric mobility simple, economical, and accessible through a unique partner-led model.
Founded by IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart is targeting a $17b swapping market by 2025 with the vision to have a Swap Station at every one square km area in the Delhi-NCR region. They are working with various players in the industry, including battery manufacturers, OEMs, the driver community, and startups, to build a robust ecosystem that can help drivers easily shift to a more economical EV model.