Battery Smart Secures $33 Million Funding from Tiger Global
Battery Smart, a prominent battery swapping network, announced on Thursday that it has successfully gotten funding of $33 million (equivalent to approximately Rs 272 crore) in its latest funding round.
The funding round, classified as Pre-Series B, attracted participation from both existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
Battery Smart revealed that the newly acquired capital will be strategically utilized to expand its customer base by a staggering 100,000 users by the year 2025. Additionally, the company intends to extend its operational reach across various geographical locations, according to an official statement.
Co-Founder and CEO of Battery Smart, Pulkit Khurana, expressed his enthusiasm, stating, “With an impressive 25,000 active customers spanning across tier 1, 2, and 3 cities, we are eager to reinforce our commitment to environmental, social, and governance (ESG) objectives while actively supporting India’s ambitious pursuit of achieving net-zero emissions.”
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Khurana further emphasized the significance of this investment, noting, “Moreover, this funding showcases our unwavering dedication to improving the livelihoods of our esteemed station partners and drivers, empowering them to play a crucial role in India’s monumental transition towards embracing electric mobility.”
It is worth mentioning that Battery Smart had previously secured $25 million in Series A funding in June 2022. This funding round was led by Tiger Global, accompanied by notable participation from Blume Ventures and Orios Ventures.
About Battery Smart:
Battery Smart is the largest and rapidly expanding Battery Swapping Network for electric two and three-wheelers in India. Since its launch in June 2020, our goal has been to transform the electric vehicle (EV) industry by offering a straightforward, cost-effective, and convenient solution to electric mobility. We have achieved this through our distinctive partner-led approach.
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