Battery Smart Raises $33 Million in Pre-Series Funding to Expand Customer Base

The company has set up over 600 battery swap stations across 25 cities


Gurugram-based Battery Smart, a battery-swapping stations network for electric two and three-wheelers, has raised $33 million by closing a pre-series B funding round.

The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally.

Battery Smart has to date, set up over 600 swap stations and worked with over 25,000 vehicles across 25 cities in India.

The funding round saw participation from Battery Smart’s existing investors, Tiger Global and Blume Ventures, along with new investors, the Ecosystem Integrity Fund (EIF), and British International Investment (BII).

Co-Founder and CEO of Battery Smart Pulkit Khurana said, “With 25,000 active customers across tier 1, 2, and 3 cities, we are keen to reinforce our ESG objectives while supporting India’s pursuit towards net-zero emissions. This investment also signifies our commitment to enhancing the livelihoods of our station partners and drivers, empowering them to play a significant role in India’s transition towards electric mobility.”

Managing Partner of EIF Devin Whatley said, “We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth. We look forward to working with Pulkit and Siddharth in their mission to empower Battery Smart’s growing partner and driver community and help India achieve its target of net-zero emissions by 2070.”

Last year in June, Battery Smart raised $25 million by closing a Series A round led by Tiger Global.

The company has completed more than 12 million battery swaps and is now working to double the count. Since the fundraising activity last year, Blue Smart’s revenue and customers have increased six-fold while helping the creation of a reliable network comprising over 600 swapping stations across 25 Indian cities.

Electric vehicle sales in India grew 66% year-over-year to 371,340 units during the second quarter of 2023, as compared to 223,293 units sold in the same quarter last year.