In a fresh round of funding, Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment contributed a total of $45 million to the battery technology business Battery Smart.
With this fundraising, Acacia Inclusion Ltd. will own 9.83% of Battery Smart, followed by 14.43% from Blume Venture Partners and 6.56% on a fully-diluted basis from EIF.
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At any of its swapping stations, Battery Smart’s cutting-edge lithium-ion batteries for electric two- and three-wheelers may be quickly replaced with fully charged ones. Its battery-as-a-service (BaaS) approach lowers expensive upfront expenditures for clients.
The company boasts that since its founding, it has grown to 1,000 swapping stations in 30 cities and has performed over 35 million battery replacements. The company is present in the following states: Uttar Pradesh, Telangana, Rajasthan, Karnataka, Haryana, and NCR.
About Battery Smart
Founded by Pulkit Khurana and Siddharth Sikka, IIT Kanpur graduates, Battery Smart provides infrastructure for charging and battery changing. It now has the most switching stations in the National Capital Region Delhi (NCR).Â
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