Battery Smart, a burgeoning player in the battery technology sector, has raised $45 million in a fresh funding round. This round saw participation from investors such as Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment.
This latest injection of capital has boosted Battery Smart’s valuation to $341 million, marking a significant 62.5% increase from its previous valuation of $210 million during the pre-Series B financing round in November of last year, according to Entrackr. Past investors include Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.
The round is ongoing, and the company may raise additional funds, potentially adjusting its valuation further.
The new funds will primarily be used to expand Battery Smart’s battery-swapping services. These services are designed to cater to electric two- and three-wheelers, providing advanced lithium-ion batteries that can be swapped for fully charged ones in mere minutes at any of the company’s swapping stations.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart has made significant strides in the electric vehicle (EV) sector. The company’s battery-as-a-service (BaaS) solution helps customers mitigate high upfront costs, offering a convenient and cost-effective alternative.
Also Read: Bhavik Koladiya’s OTPless Raises $3.5 Million in Pre-Series A Funding
Since its inception, Battery Smart has established 1,000 swapping stations across 30 cities and completed over 35 million battery swaps.
With its current presence in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra, the company aims to extend its reach to new urban centers including Mumbai, Bengaluru, Pune, and Kolkata.
Battery Smart faces competition from other key players in the industry such as Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy.
