Battery Smart, a leading provider of electric vehicle (EV) battery swapping stations, has secured $65 million in an extended Series B funding round, led by LeapFrog Investments. The investment aims to propel the expansion of Battery Smart’s innovative battery-as-a-service network into tier 2 and tier 3 cities, enhancing accessibility to EV infrastructure across diverse regions.
This latest funding round, comprising both primary and secondary investments, witnessed strong participation from existing investors such as MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment. The infusion underscores growing investor confidence in Battery Smart’s transformative approach to EV charging solutions.
Less than a month ago, Battery Smart received a substantial capital injection of $45 million from new investors Acacia Inclusion Ltd, MUFG Bank, Blume Ventures, EIF, and British International Investment, further bolstering its financial backing and strategic vision.
The startup, founded in June 2019 by Pulkit Khurana and Siddharth Sikka, has rapidly expanded its footprint, operating a robust network of over 1,000 battery swapping stations catering to electric two- and three-wheelers across 30 cities. Leveraging partnerships with micro, small, and medium-sized mobility enterprises, Battery Smart has effectively decentralized EV charging infrastructure, enhancing convenience and accessibility for users nationwide.
LeapFrog Investments, a renowned investor specializing in climate, financial services, and healthcare sectors across Asia and Africa, has demonstrated a strong commitment to Battery Smart’s mission of driving sustainable mobility solutions. The investment marks a significant milestone in Battery Smart’s journey towards scaling its operations and advancing the EV ecosystem.
The momentum behind EV adoption in India continues to gather pace, buoyed by government incentives and a burgeoning EV infrastructure landscape. Research firm Counterpoint predicts a 66% surge in EV sales this year, following a doubling in 2023, driven by state subsidies and supportive infrastructure initiatives.
Battery swapping stations play a pivotal role in alleviating range anxiety and accelerating EV adoption, offering seamless battery replacement solutions for enhanced convenience and efficiency.
With EVs poised to capture one-third of India’s passenger vehicle market by 2030, Battery Smart’s expansion initiatives align with the nation’s ambitious goals for sustainable transportation and environmental stewardship.
Against this backdrop, strategic partnerships and investments, such as the recent funding infusion from LeapFrog Investments, position Battery Smart at the forefront of India’s EV revolution, driving innovation and accessibility in the evolving mobility landscape.
