changeadminBattery swapping operator Battery Smart has raised $29 million as part of its ongoing Series B round led by New York-based private equity firm Rising Tide Energy.
The funding round also saw participation from its earlier investors, Ecosystem Integrity Fund, LeapFrog Investments and responsAbility.
Founded by Pulkit Khurana and Siddharth Sikka in 2019, Battery Smart offers a battery-swapping network for electric two and three-wheelers.
Battery swapping makes sense for electric vehicles as it significantly reduces downtime by allowing users to quickly exchange depleted batteries for charged ones, much like refuelling a conventional vehicle.
The interoperable battery swapping model addresses the range anxiety, a major roadblock to the adoption of electric vehicles. This is especially beneficial for commercial fleets such as e-rickshaws, delivery vehicles, and two-wheelers that require continuous operation.
Battery swapping also lowers upfront costs, since users can buy EVs without the battery, and promotes better battery lifecycle management through centralised charging and maintenance.
The company launched its first battery-swapping station in 2020 and has since then opened more than 1500 facilities across tier-1, tier-2, and tier-3 cities in India.
Delhi-based Battery Smart has multiple investors backing it. In 2021, Battery Smart received seed round funding from Orios Venture Partners and raised $7 million in pre-Series A funding from Blume Ventures.
In 2022, it raised $25 million in a Series A round from Tiger Global. In 2023, raised $33 million pre-Series B round of funding by British International Investment, Ecosystem Integrity Fund, Tiger Global, and Blume Ventures.
A year later, it raised $65 million in a Series B round of funding by LeapFrog Investments, MUFG Bank, Panasonic, British International Investment, Ecosystem Integrity Fund, Tiger Global, and Blume Ventures.
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