Battery Smart Secures $65M Series B Funding From LeapFrog


Battery Smart plans to utilize the new funds to scale up its operations, extending its battery-as-a-service offerings to additional Indian cities.

Battery Smart, a leading battery exchange network for electric two- and three-wheelers, has raised $65 million in Series B financing led by LeapFrog Investments, recognized for its impactful investing.

The funding round combined primary and secondary investments, drawing contributions from new backers and returning investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment. Elluminate Capital was the sole financial advisor for the deal. The investment will support Battery Smart’s expansion of its battery-as-a-service model to additional Indian cities, as stated in a press release by the company. Since launching its inaugural swap station in New Delhi in June 2020, Battery Smart has grown to 1,000 stations across 30 cities, completing over 35 million swaps. The company has methodically placed stations in Tier 1, 2, and 3 cities, enhancing its national footprint.

Boasting more than 45,000 active users, Battery Smart is at the forefront of the battery exchange sector, providing an eco-friendly and convenient driving range. Its lean business model enables partnerships with Indian Small and Medium-sized Enterprises, leveraging their existing setups to swiftly establish swap stations, thereby boosting the earnings of local entrepreneurs.

Pulkit Khurana, Co-Founder and CEO of Battery Smart expressed his excitement about the new partnerships with LeapFrog Investments, MUFG Bank, and Panasonic, highlighting their extensive expertise in banking, climate strategy, and environmental sustainability. He also expressed gratitude for the ongoing support from existing investors, including Tiger Global, Blume Ventures, EIF, and BII.

He emphasized that the collective backing from these investors demonstrates growing international confidence in battery exchange as an innovative solution for electric mobility and reinforces Battery Smart’s commitment to making electric mobility accessible and economical. The additional funding will support the company’s growth, enhance its technology, and strengthen its market position. By 2030, India is expected to have 200 million two-wheelers and 12 million three-wheelers. Battery Smart’s service offers quick two-minute battery swaps, allowing EV drivers to save time, travel farther, and reduce initial costs by up to 40%.

Nakul Zaveri, Partner and Co-Head of Climate Investment Strategy at LeapFrog Investments, noted that Battery Smart’s service plays a crucial role in India’s transition to net-zero emissions, promoting the rapid adoption and sustained use of EVs across the country and contributing to the decarbonization of the power grid. This investment aligns with LeapFrog’s Climate Investment Strategy, which aims to invest $500 million in companies that can rapidly scale sustainable, cost-effective technologies in Asia and Africa. He expressed enthusiasm about collaborating with Pulkit and Siddharth to accelerate India’s shift to electric mobility.

Shashank Joshi, Deputy CEO of MUFG India, commented that the investment in Battery Smart aligns with MUFG’s commitment to a carbon-neutral future and support for innovative solutions that drive sustainable development. He highlighted that Battery Smart’s tech-centric approach aligns with MUFG’s goal of empowering enterprises and communities and enhancing India’s EV infrastructure.

A key hurdle for EV adoption in India is the inadequate charging infrastructure, which poses concerns for prospective users. Battery swapping presents an uncomplicated, economical, and effective alternative, negating the need for costly batteries and extensive charging setups. Battery Smart’s extensive network of swap stations ensures that EV drivers are never more than 1 km away from a station, eliminating wait times.


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