Battery Smart, a fast-growing Indian battery-swapping technology network for electric vehicles, has closed a Series A round of $25 million. The funding round was led by Tiger Global and participation by Blume Ventures and Orios Ventures.
In November 2021, the startup raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures, along with notable angel investors. The funds will be utilized to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.
Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60%. Its data-driven methodology and superior battery telematics have enabled it to grow exponentially. The company has completed over 2.5 million battery swaps and powered 80 million emission-free km.
Pulkit Khurana, Co-Founder, Battery Smart, said, “We are thrilled to have Tiger Global be a part of our journey to build India’s largest EV battery swapping network. 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.”
The startup plans to reach a $17Bn battery swapping market by 2025
With 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. Experts believe that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30 percent of vehicle sales by 2027.
“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.
Battery Smart, a startup setting up battery swap stations for electric two and three-wheelers, is co-founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka. The duo targets a $17billion swapping market by 2025, aiming to have a swapping station in every square km area.
“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 Pulkit and Siddharth as they rapidly expand their footprint in key markets,” added Connie Lee, Partner, Tiger Global.