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Total amount raised
$159M
Latest funding date
2025-05-30
Location
Battery Smart has participated in 11 funding rounds, with its latest being a Series B round led by Rising Tide Energy. The company is backed by 27 investors, including LeapFrog Investments.
Keep reading to explore the intricacies of Battery Smart's fundraising journey and the investors backing this innovative platform.
Battery Smart has raised funding across multiple rounds backed by investors including LeapFrog Investments, Rising Tide Energy, Tiger Global, Blume Ventures, MUFG Bank, British International Investment, Ecosystem Integrity Fund, Orios Venture Partners, Acacia Inclusion, and others.
Keep reading to explore Battery Smart's fundraising journey.
What Is Battery Smart?
Battery Smart is an India-based electric vehicle battery-swapping network founded in 2019 by IIT Kanpur alumni Pulkit Khurana and Siddharth Sikka. The company operates a battery-as-a-service (BaaS) platform, enabling electric two- and three-wheeler drivers to swap depleted batteries for fully charged ones at a network of swapping stations across India.
How Much Funding Has Battery Smart Raised?
- Seed Round
- Amount Raised: Undisclosed
- Date: February 2021
- Lead Investors: Orios Venture Partners
- Participants: Faad Network
- Pre-Series A
- Amount Raised: USD 7,000,000
- Date: November 2021
- Lead Investors: Blume Ventures, Orios Venture Partners
- Series A
- Amount Raised: USD 25,000,000
- Date: June 2022
- Lead Investors: Tiger Global Management
- Participants: Blume Ventures, Orios Venture Partners
- Debt Financing
- Amount Raised: INR 750,000,000 (~USD 9,100,000)
- Date: December 2022
- Lead Investors: Stride Ventures, BlackSoil
- Pre-Series B
- Amount Raised: USD 33,000,000
- Date: July 2023
- Lead Investors: Tiger Global Management, Blume Ventures
- Participants: Ecosystem Integrity Fund, British International Investment
- Debt Financing (Trifecta)
- Amount Raised: Undisclosed
- Date: December 2023
- Lead Investors: Trifecta Capital
- Series B (First Tranche)
- Amount Raised: USD 45,000,000
- Date: May 2024
- Lead Investors: Acacia Inclusion Limited
- Participants: MUFG Bank, Blume Ventures, Ecosystem Integrity Fund, British International Investment, PC-SBI Kurashi Visionary Fund
- Series B (Second Tranche / Close)
- Amount Raised: USD 65,000,000 (total Series B including above)
- Date: June 2024
- Lead Investors: LeapFrog Investments
- Participants: MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, British International Investment
- Valuation: USD 340,000,000
- Series B (Extended)
- Amount Raised: USD 29,000,000
- Date: May 2025
- Lead Investors: Rising Tide Energy
- Participants: responsAbility, Ecosystem Integrity Fund, LeapFrog Investments
Total Amount Raised: At least $159M based on disclosed funding (seed and Trifecta debt round amounts undisclosed).
Key Investors
- LeapFrog Investments
- Details: A global impact investor that led Battery Smart's $65M Series B close in June 2024 and participated in the extended Series B in 2025. LeapFrog focuses on emerging markets and has backed Battery Smart's network expansion across India.
- Rising Tide Energy
- Details: A New York-based private equity firm that led Battery Smart's extended $29M Series B round in May 2025, supporting the company's further expansion into new cities in India.
- Tiger Global Management
- Details: A major global investment firm that led Battery Smart's $25M Series A in June 2022 and participated in the $33M Pre-Series B round in July 2023, cementing its role as a key early growth investor.
- Blume Ventures
- Details: An Indian early-stage venture fund that has backed Battery Smart from the Pre-Series A through the Series B rounds, co-leading the Pre-Series B and participating in subsequent rounds.
- Orios Venture Partners
- Details: An early-stage India-focused fund that provided Battery Smart's initial seed funding and participated in early rounds. Orios partially exited in the Series B, achieving approximately 29x returns.
- British International Investment (BII)
- Details: The UK's development finance institution, which participated in Battery Smart's Pre-Series B and Series B rounds, supporting sustainable mobility in India.
What's Next for Battery Smart?
With fresh capital from its extended Series B, Battery Smart plans to accelerate its expansion into new Indian cities while deepening its presence in existing markets. The company is focused on strengthening its battery swapping infrastructure, scaling its fleet partner network, and continuing to drive clean mobility adoption for electric two- and three-wheelers across India.
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