Battery Smart Raises $25M in Series A Led by Tiger Global

Battery Smart, which operates an electric vehicle battery exchange network, raised $25 million in its Series A funding round led by Tiger Global with participation from Blume Ventures and Orios Ventures.

Operational in June 2020, Battery Smart’s Battery-as-a-Service model allows battery swapping for electric two- and three-wheelers. Delhi-based startup NCR claims to have performed over 2.5 million battery swaps through its network of over 200 live swap stations in 10 cities across India.

With new capital, Battery Smart plans to enter new territories, strengthen its battery allocation technology and increase hiring to continue to scale its operations.

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The startup’s fundraising follows a favorable political movement. Last month, government think tank NITI Aayog released the draft Battery Swap Policy to standardize the interoperability of electric vehicle batteries.

Explaining that battery swapping reduces a consumer’s initial investment by up to 60%, Battery Smart co-founder Pulkit Khurana said, “Battery swapping has incredible potential to accelerate the adoption of electric vehicles in the country, as it addresses major barriers like range anxiety, high upfront costs, and long charging downtimes. »

“With this investment, we are focused on bringing our offerings to even more electric vehicle users across India, increasing the number of redemption stations and continuing to partner with OEMs and operators. fleet,” he added.

With electric two- and three-wheelers expected to account for up to 30% of first- and last-mile vehicle sales by 2027, Tiger Global’s Connie Lee sees Battery Smart’s battery exchange network as the solution to adoption of electric vehicles for food delivery and e-commerce. .

Founded by Pulkit Khurana and Siddharth Sikka, Battery Smart last raised $7 million in a pre-Series A funding round led by Blume Ventures and Orios Ventures with angel investors in November 2021.

(Edited by : Anand Singha)

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