Battery Smart Raises $29 Mn In Ongoing Series B Round

Battery swapping startup Battery Smart has raised $29 million as part of its ongoing Series B round, according to media reports.

The report says that New York-based private equity firm Rising Tide Energy led the funding round, with support from responsibility, Ecosystem Integrity Fund, and LeapFrog Investments.

Battery Smart confirmed that it has raised funds as part of an ongoing round. The startup added that it is still talking to other potential investors to raise more funding.

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The startup plans to use the funds to grow in current cities and expand into new ones.

The funding round comes nearly a year after the startup raised $65 million in its Series B round, led by LeapFrog Investments, at a post-money valuation of $340 million. Japan’s MUFG Bank, Blume Ventures, British International Investments, and others also took part in the round.

About Battery Smart 

Founded in 2020 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, the Gurugram-based Battery Smart provides battery swapping and charging services across India. Right now, it has the most swapping stations in the Delhi NCR region.

Before this latest round, the startup had raised over $139 million from investors like Tiger Global and Blume Ventures.

Financially, Battery Smart’s net loss nearly doubled to Rs 120 crore in FY24, up from Rs 63.6 crore the year before. However, its operating revenue jumped 196% to Rs 164 crore, compared to Rs 55.4 crore in FY23.

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