Battery Smart, a battery-swapping network for electric vehicles (EVs), has closed a Series A round of $25 million, led by Tiger Global
Blume Ventures and Orios Ventures also joined the round.
The funds will be utilized to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.
This round comes less than a year after Battery Smart netted $7 million in a pre-series A round led by Blume and Orios in November 2021.
Battery Smart claims its battery-as-a-service model enables interoperable battery swapping for EVs in under two minutes and reduces the up-front investment borne by a consumer by up to 60 per cent.
The company has completed over 2.5 million battery swaps and powered 80 million emission-free km, it said.
Pulkit Khurana, co-founder, Battery Smart, said: “Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes. 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.”
With India’s Niti Aayog publishing a draft battery swapping policy last month, battery swapping infrastructure and EV financing will continue to receive heightened focus from the Government.
Reports show that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30% of first- & last-mile vehicle sales by 2027.