EV firm Battery Smart raises $25 mn Series A round led by Tiger Global

Battery swapping network for electric vehicles Battery Smart announced on Monday that it has closed a Series A round for $25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures. 

The network had raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures. Other angel investors had also participated in that round. 

The company will use the funds to expand to new territories, strengthen its battery assignment technology, and build its team to scale up operations.  

Battery Smart, through its battery-as-a-service model, enables interoperable battery swapping for electric vehicles. The swapping is done under two minutes, and reduces up-front investment borne by a consumer by up to 60 per cent. The company has completed 2.5 million battery swaps so far. 

Pulkit Khurana, co-founder, Battery Smart, said, “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.”

Connie Lee, partner at Tiger Global said that the company offers an innovative solution to India’s rapid adoption of EVs. 

The company said that with the draft batter swapping policy, battery swapping infrastructure and EV financing will receive heightened focus. EV two and three-wheelers are expected to contribute up to 30 per cent of first- and last-mile vehicle sales by 2027, the company said, quoting reports. 

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