Battery Smart Raises $33 Million In Pre-Series B Funding The capital will be utilised by the company to add 100,000 customers to its network by 2025, and expand its geographic footprint
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Battery Smart, a battery swapping network for electric two and three-wheelers, has closed a pre-Series B round of $33 million. The funding round saw participation from Battery Smart's existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII). According to the company, the added capital will be utilised by the company to add 100,000 customers to its network by 2025, and expand its geographic footprint.
"We are thrilled to welcome EIF and BII onboard our journey and are grateful for the continued support from Tiger Global and Blume Ventures, enabling us to build India's largest battery swapping network. With 25,000 active customers across tier 1, 2 and 3 cities, we are keen to reinforce our ESG objectives while supporting India's pursuit towards net-zero emissions. This investment also signifies our commitment to enhancing the livelihoods of our station partners and drivers, empowering them to play a significant role in India's transition towards electric mobility," said Pulkit Khurana, co-founder and CEO, Battery Smart.
In June 2022, Battery Smart raised $25 million in Series A funding led by Tiger Global, along with participation from Blume Ventures and Orios Ventures. The company claimed that it has witnessed a 6 times growth in its revenue and customer base, creating a dense network encompassing over 600 Swap Stations across 25 cities. The company said that, till date, it has completed more than 12 million battery swaps and is looking to double that number.
"We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth. We look forward to working with Pulkit and Siddharth in their mission to empower Battery Smart's growing partner and driver community, and help India achieve its target of net-zero emissions by 2070," said Devin Whatley, managing partner, Ecosystem Integrity Fund.