Battery Smart Raises USD 65 Mn in Series B to Boost EV Battery Swapping Network Orios Venture Partners achieves a 29x return with a strategic partial exit from Delhi-based EV startup, enhancing early-stage investment success.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Battery tech startup Battery Smart has announced that it has raised USD 65 million in a Series B funding round led by LeapFrog Investments.
Both new and existing investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment, participated in the equity round.
Elluminate Capital served as the sole financial advisor for the funding deal.
As per the official release, Battery Smart will use the added capital to fuel its next phase of expansion by bringing its battery-as-a-service solution to more cities across India.
Pulkit Khurana, Co-Founder and CEO, Battery Smart, said, "The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence."
Founded in 2019 by IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart is a battery-swapping network for electric two and three-wheelers.
The platform states that it has worked with over 45,000 vehicles in more than 30 cities, done over 35 million battery swaps, and set up over 1000 swap stations.
The company completed a USD 33 million pre-Series B investment in July of last year.
Nakul Zaveri, Partner and Co-Head, Climate Investment Strategy, LeapFrog Investments, said, "We view Battery Smart's offering as a major contributor to India's overall net zero transition - enabling not only the rapid adoption and sustained use of EVs across the country but also the decarbonisation of the grid."
"This investment is a natural fit for LeapFrog's Climate Investment Strategy, which aims to invest $500 million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa," he added.
Additionally, early-stage investor Orios Venture Partners announced a strategic partial exit from Battery Smart. This exit yields 29x return.
Sukhmani Bedi, Partner at Orios Venture Partners, commented, "We were one of the first investors in Battery Smart, investing in February 2020 when they were still working out of a garage. Watching Battery Smart grow has been incredibly rewarding. Over the years, the startup has proven the efficacy of their innovations and business model. They now capture over 70% market share and lead a rapidly expanding sector."
