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NEW DELHI, 7 July 2023: Battery Smart, a Battery swapping network has raised USD 33m in a pre-Series B funding round led by existing investors Tiger Global and Blume Ventures. The round also saw participation from new investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
The fresh capital will be used by Battery Smart to add 100K customers to its network by 2025, and expand its geographic footprint to 50 cities across India. The company currently has a network of over 600 swap stations across 25 cities.
Battery Smart provides advanced lithium-ion batteries for electric two and three-wheelers. The batteries can be swapped with fully charged ones in just two minutes at any of the company’s swapping stations. This helps customers to save on the high upfront costs of buying an electric vehicle.
Since its Series A funding round in June 2022, Battery Smart has seen a 6x growth in its revenue and customer base. The company has also completed more than 12 million battery swaps to date.
Battery Smart’s competitors include Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, and RACEnergy.
The company’s latest funding round comes at a time when the Indian electric vehicle market is growing rapidly. The government of India has set a target of 30% electric vehicle sales by 2030. This is expected to create a huge market opportunity for battery swapping companies like Battery Smart.
The company’s CEO, Siddharth Jain, said that the fresh capital will help Battery Smart to “accelerate our mission of making electric vehicles more accessible and affordable for everyone.” He added that the company plans to “expand our network to 50 cities across India by 2025 and add 100K customers to our platform.”
Battery Smart’s funding round is a sign of the growing investor interest in the Indian electric vehicle market. The company’s focus on battery swapping is also in line with the government’s vision of creating a seamless charging infrastructure for electric vehicles.
