Battery Smart Raises $25 Million In Series A Funding
The company will use the funds to expand to new territories, strengthen its battery assignment technology and build its team to continue scaling operations
Battery Smart, a battery swapping network for electric vehicles, has raised $25 million in Series A funding led by Tiger Global. The funding round also witnessed participation from Blume Ventures, Orios Ventures and other angel investors. As per company statement, in November 2021, it raised $7 million in pre-Series A round. The company will use the fund to expand to new territories, strengthen its battery assignment technology and build its team to continue scaling operations.
"We are thrilled to have Tiger Global be a part of our journey to build India's largest EV battery swapping network. With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and make key hires in our growing team," said Pulkit Khurana, co-founder, Battery Smart.
The company is targeting a $17 billion swapping market by 2025, aiming to have a swapping station at every one square km area. Till date, Battery Smart has more than 200 live Swap stations across 10 cities and has completed 2.5 million swaps, while powering 80 million emission-free kms, the company claimed in a statement.
"Battery Smart's tech-powered battery-swapping network offers an innovative solution to power India's rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Battery Smart team as they rapidly expand their footprint in key markets," said Connie Lee, partner, Tiger Global.
Operationalized in June 2020 by Pulkit Khurana and Siddharth Sikka, Battery Smart is building battery-swapping network for electric two and three-wheelers. It seeks to revolutionize the EV sector by making the adoption of electric mobility simple, economical and accessible through a unique partner-led model.