Gurugram-based Battery Smart, a leading electric vehicle (EV) battery swapping service provider, has successfully raised $29 million in a Series B funding round. The investment marks a significant milestone for the company as it aims to revolutionize the EV ecosystem in India by making battery swapping more accessible and efficient.
The funding round was led by Rising Tide Energy, a New York-based private equity firm, with participation from notable investors such as LeapFrog Investments, Ecosystem Integrity Fund, and responsAbility. This influx of capital underscores the growing confidence in Battery Smart’s innovative approach to addressing range anxiety for EV users.
Battery Smart plans to utilize the funds to expand into new cities while deepening its presence in existing markets. Currently, the company operates over 1,518 battery swapping stations across 321 locations, primarily in Delhi, catering to electric two- and three-wheelers with lithium-ion battery solutions.
The battery swapping model offers a quick and cost-effective alternative to traditional charging, enabling EV drivers to exchange depleted batteries for fully charged ones in minutes. This technology is particularly vital for India’s rapidly growing EV market, where infrastructure challenges often hinder adoption.
With this funding, Battery Smart is poised to enhance its service offerings and scale its network, contributing to India’s push for sustainable transportation. The company’s efforts align with national goals to reduce carbon emissions and promote green mobility solutions.
As the EV sector continues to gain traction in India, Battery Smart’s expansion could play a pivotal role in shaping the future of urban mobility. Investors and industry experts alike are watching closely as the company drives innovation in the battery swapping space.
Alfred Lee
