The company currently has 1,200 active vehicles on its platform and completes 5,000 swaps daily
Battery Smart has announced that it has bagged an investment of USD 7 million in a pre-Series A round from investors including Blume Ventures and Orios Ventures.
The EV battery swapping network startup said that the fresh capital will be deployed for strengthening its battery assignment technology, scaling its operations to service 10,000 electric vehicles daily, and expanding to three new states by this fiscal.
The other investors who participated in the pre-Series A round include Green Frontier Capital, Baring Private Equity India, and angel investors such as Srinivas Anumolu (Founder – Elance, TutorVista, Bigbasket, Bluestone), K Ganesh (Serial Entrepreneur & Partner – GrowthStory.in), Niraj Singh, (Founder and CEO – Spinny), and Amit Bhasin (Co-Founder – GoMechanic), it said in a statement.
Besides, alternative debt platform TradeCred also participated as a debt partner with Rs 24 crore investment.
Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60 per cent, it said, adding, the company said it has completed 3-lakh battery swaps till date.
“The Battery Smart team has demonstrated that they can create not only a capital-efficient, profitable business model but also deliver large scale ESG impact in the country. This is a rare achievement that very few businesses can claim at this time,” said Anup Jain, Managing Partner, Orios Ventures.
Hardik Shah, Founder and CEO of TradeCred, said, “With over 2-lakh EVs in just the NCR region, there is no better time to invest in India’s electric mobility revolution. We are impressed by Battery Smart’s ability to grow 100 per cent every month, and we are keen to be a part of its fast-moving journey.”
Co-founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart has over 100 swap stations operational in the Delhi-NCR region.
The company currently has 1,200 active vehicles on its platform and completes 5,000 swaps daily.
The platform is targeting a USD 17-billion swapping market by 2025 by aiming to have a swapping station at every one square km area, it added.