Battery Smart, an India-based electric vehicle battery swap network, has raised $25 million in a Series A financing headed by Tiger Global, with participation from Blume Ventures and Orios Venture Partners.
The firm was founded in 2019, specializing in two- and three-wheel EVs. According to the business, their battery-as-a-service approach enables interoperable battery changing for EVs in under two minutes and minimizes the up-front expenditure incurred by consumers by up to 60%.
According to the company, it has performed over 2.5 million battery swaps and powered 80 million emission-free kilometres.
Battery Smart now has over 200 live swap stations in 10 cities and is targeting a battery-swapping industry worth US$17 billion by 2025. The fresh money will be used to grow into new markets, strengthen its technology, and increase hiring.
The new fundraising follows a US$7 million pre-series A round-headed by Blume Ventures and Orios Venture Partners in November 2021 and an undisclosed sum in seed funding led by Orios Venture Partners in February 2021.
Meanwhile, Tiger Global partner Connie Lee stated that Battery Smart’s technology-powered battery-swapping network will boost India’s rapid adoption of EVs for food delivery and eCommerce.
According to the company’s analysis, the battery-swapping market in India has bright growth prospects, with two- and three-wheel EVs estimated to account for up to 30% of first- and last-mile vehicle sales by 2027.
Speaking on battery swapping, Pulkit Khurana, Battery Smart co-founder, said it has the potential to significantly accelerate the country’s EV adoption.
“Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes.”
“With this investment, we are focused on bringing our offerings to even more EV users pan-India, 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.”