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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Related Topics

Business News

'Beware': Tom Hanks Warns of AI Danger After Advertisement Uses His Likeness Without Permission

The actor shared a screenshot of the false advertisement to his 9.5 million Instagram followers.

Growing a Business

Free Webinar | October 24: Grow Your Local Business With These Low-Cost Marketing Tricks

Whether you're a small business owner, marketer, or entrepreneur, our exclusive webinar will equip you with the tools to connect with your community, boost engagement, and drive revenue. Register now →


Don't Let Digital Marketing Mistakes Derail Your Business

In this online-consumer age, it can make or break growth and survival.

Business Ideas

105 Service Businesses to Start Today

With this many ideas to choose from, you have no excuse not to get started today with your own service business.

Business Ideas

The 9 Most In-Demand Professional Certifications You Can Get Right Now

Want to boost your qualifications but not sure which certificates to pursue? Check out these in-demand professional certifications to pick your path.