Battery Smart plans to expand to new territories, strengthen technology and ramp up hiring targeting a $17 billion battery swapping market by 2025.
27 Jun 2022 | 1457 Views | By Autocar Pro News Desk
Battery Smart, India’s largest and fastest-growing battery-swapping network for electric vehicles, announced that it has closed a Series A funding round of $25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.
In November 2021, it raised $7 million in ...
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Battery Smart, India’s largest and fastest-growing battery-swapping network for electric vehicles, announced that it has closed a Series A funding round of $25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.
In November 2021, it raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures, along with notable angel investors. The funds will be utilized to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.
Battery Smart claims its battery-as-a-service model enables interoperable battery swapping for electric vehicles in under two minutes and reduces the up-front investment borne by a consumer by up to 60%. The company has completed over 2.5 million battery swaps and powered 80 million emission-free km.
Pulkit Khurana, Co-Founder, Battery Smart, said, “With this investment, we are focused on bringing our offerings to even more EV users 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.”
“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,” added Connie Lee, Partner, Tiger Global.
Reports show that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30% of first- & last-mile vehicle sales by 2027.