Total amount raised
$202 Millions
Latest funding date
Location
Title
Battery Smart has successfully raised $65 million in a Series B funding round, achieving a valuation of $340 million. The company is an EV battery-swapping network that provides Li-ion batteries for electric two and three-wheelers in India.
Keep reading to explore the intricacies of Battery Smart's fundraising journey and the investors backing this innovative platform.
What Is Battery Smart?
Battery Smart, founded in November 2019, is an EV battery-swapping network based in Gurgaon, Haryana, India. The company was established by Pulkit Khurana and Siddharth Sikka.
Battery Smart provides advanced Li-ion batteries for electric two and three-wheelers, offering a network of battery-swapping stations. Users can exchange depleted batteries for charged ones, ensuring seamless mobility.
With a workforce of 251-500 employees, Battery Smart continues to expand its services, collaborating with local businesses to deploy more battery-swapping stations across India.
How Much Funding Has Battery Smart Raised?
- Seed Round
- Amount Raised: $1.4M
- Date: February 2021
- Lead Investors: Orios Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial battery-swapping infrastructure.
- Seed Round
- Amount Raised: $3.9M
- Date: November 2021
- Lead Investors: Blume Ventures, Orios Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the battery-swapping network and enhance technology.
- Series A
- Amount Raised: ₹1.9B
- Date: June 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase the number of battery-swapping stations.
- Debt Financing
- Amount Raised: ₹750M
- Date: December 2022
- Lead Investors: BlackSoil, Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and further expansion.
- Series B
- Amount Raised: ₹2.7B
- Date: July 2023
- Lead Investors: Blume Ventures, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance the battery-swapping network.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: December 2023
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet operational expenses and support expansion plans.
- Series B
- Amount Raised: ₹3.8B
- Date: May 2024
- Lead Investors: Acacia Inclusion
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the battery-swapping network and drive electric mobility adoption.
- Secondary Market
- Amount Raised: ₹1.7B
- Date: June 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series B
- Amount Raised: $65M
- Date: June 2024
- Lead Investors: LeapFrog Investments
- Valuation at Round: $340M
- Motivation Behind the Round: To scale the battery-swapping network and promote electric mobility adoption.
Total Amount Raised: $65M
Current Valuation: $340M
Key Investors
- LeapFrog Investments
- Details: LeapFrog Investments is a private equity firm that focuses on high-growth markets in Asia and Africa. They invest in companies that provide healthcare, financial services, and climate solutions.
- Investment Focus Areas: Healthcare, financial services, climate solutions.
- Notable Investments: WorldRemit, BIMA, Goodlife Pharmacy.
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm based in India. They support startups with disruptive ideas across various sectors.
- Investment Focus Areas: Consumer internet, mobile, SaaS, hardware.
- Notable Investments: Unacademy, Dunzo, GreyOrange.
- MUFG Bank
- Details: MUFG Bank is one of the world’s leading financial groups, headquartered in Tokyo. They offer a wide range of financial services globally.
- Investment Focus Areas: Financial services, zero-carbon future, sustainable growth.
- Notable Investments: Not publicly disclosed.
- Panasonic
- Details: Panasonic is a multinational electronics corporation known for its contributions to various technology sectors. They are leaders in battery technology and environmental sustainability.
- Investment Focus Areas: Battery technology, environmental sustainability, consumer electronics.
- Notable Investments: Tesla, Blue Yonder, Airtame.
- British International Investment (BII)
- Details: BII is the UK’s development finance institution. They invest in sustainable and inclusive growth to drive economic development and improve lives.
- Investment Focus Areas: Sustainable and inclusive growth, economic development.
- Notable Investments: M-KOPA, d.light, Zola Electric.
What's Next for Battery Smart?
Battery Smart stands at the cusp of a significant opportunity, with plans to expand its battery-swapping network across India. The company aims to leverage the growing adoption of electric mobility, targeting a market projected to reach 200 million two-wheelers and 12 million three-wheelers by 2030. This expansion is bolstered by strategic partnerships with local businesses, ensuring rapid deployment of swap stations.
Future fundraising appears promising, with potential for additional investments to scale new low-carbon technologies. LeapFrog Investments' commitment to investing $500 million into innovative companies aligns well with Battery Smart's growth trajectory. However, challenges such as maintaining service quality and overcoming infrastructure hurdles remain. The company must navigate these obstacles to sustain its rapid growth and market presence.
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