Waist up shot of a smiling young woman with black hair waiting for an electric car to charge and using a mobile phone with solar panels visible in the background
Battery Smart, a battery swapping network designed for electric vehicles, raised $25m from Series A funding led by Tiger Global. The funding round also saw involvement from Blume Ventures, Orios Ventures, and other angel investors. According to the company’s statement, it was November 2021 when it raked in $7 million during a pre-Series A funding. The company plans to use the funds to expand into new regions, improve its battery assignment system, and create a team for growing its operations.
“We are thrilled to have Tiger Global be a part of our journey to build India’s largest EV battery swapping network. 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, co-founder of Battery Smart.
The company plans to create a swapping market worth $17 billion in 2025. It hopes to establish a swapping station in every square kilometer area. Battery Smart has more than 200 active Swap stations in 10 cities. According to an announcement, they have accomplished 2.5 million swaps, and the company has powered 80 million emissions-free kilometers.
“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 the Battery Smart team as they rapidly expand their footprint in key markets,” said Connie Lee, partner at Tiger Global.
Launched in June 2020 by Pulkit Khurana, Siddharth Sikka, and Pulkit, Battery Smart is building the battery swapping network for electric three-wheelers and two-wheelers. It aims to transform the EV industry by making the acceptance of electric mobility simple, affordable, and accessible by utilizing the unique partnership model.
