Battery Smart raises USD 65M Series B funding round led by LeapFrog Investments • EVreporter

Gurgaon based EV battery swapping startup Battery Smart has announced a USD 65 million Series B funding round led by LeapFrog Investments. This round included a mix of primary and secondary investments from both new and existing investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII). The funding transaction was facilitated by Elluminate Capital. Battery Smart plans to use the capital to expand its battery swapping network across India.

Since its inception with the first swap station in New Delhi in June 2020, Battery Smart has expanded to 1,000 stations across 30 cities, completing over 35 million swaps. It strategically positioned stations in Tier 1, 2, and 3 cities. The company, serving over 45,000 active customers, collaborates with Indian Small and Medium-sized businesses to swiftly establish swap stations, as stated in their company statement.

Speaking on the occasion,Pulkit Khurana, Co-Founder and CEO, Battery Smart, said, “We are thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, who bring extensive expertise across banking, climate strategy, and environmental sustainability. We are also profoundly grateful for the continued support from our existing investors- Tiger Global, Blume Ventures, EIF, and BII. Their combined support showcases the growing global confidence in battery swapping as an innovative electric mobility solution and the mission of Battery Smart to make electric mobility accessible and affordable for all. The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.”

By 2030, India is projected to have 200 million two-wheelers and 12 million three-wheelers on the road. As per the official statement, Battery Smart’s battery-as-a-service solution facilitates two-minute battery swaps, offering time savings, extended travel range, and up to a 40% reduction in upfront costs for EV drivers. Battery swapping addresses a major hurdle to EV adoption in India by providing a cost-effective and efficient alternative to traditional charging infrastructure. They addresses this challenge by establishing a network of swap stations, ensuring EV users are within a 1 km radius of a station, thus minimizing wait times.

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. We are extremely excited to be partnering with Pulkit and Siddharth to accelerate India’s transition toward electric mobility.”

Shashank Joshi, Deputy CEO of MUFG India,commented, “This investment in Battery Smart aligns with our commitment to a zero-carbon future and our support to uplift innovative solutions that drive sustainable growth. Battery Smart’s technology-driven approach aligns with our vision of empowering businesses and communities and enhancing India’s EV infrastructure.”

Also read: Battery swapping startup Battery Smart raises USD 25M funding led by Tiger Global