Battery Smart Secures USD 15 Million Debt from Mirova to Expand BaaS Network

Battery Smart has raised USD 15 million in debt funding from Mirova to scale its battery-as-a-service (BaaS) infrastructure and expand its partner-led station network across India.

The funding will be used to strengthen the company’s presence in key urban and semi-urban markets, supporting the rollout of additional battery-swapping stations and improving access for electric vehicle users.

Battery Smart operates a BaaS model that allows EV drivers to swap depleted batteries for fully charged ones within minutes, reducing downtime and lowering upfront vehicle ownership costs. The model is particularly targeted at high-utilisation segments such as last-mile delivery and passenger mobility, where uptime and operating economics are critical.

Since launching its first partner-led station in New Delhi in June 2020, the company has scaled to over 1,600 stations across 50 cities. Its network enables battery swaps in approximately two minutes, helping drivers maintain continuous operations.

“This financing marks an important step for us as we continue to scale our battery-as-a-service network across India,” said Pulkit Khurana, founder and CEO, Battery Smart. “With Mirova’s support, we aim to accelerate expansion and make electric mobility more accessible and affordable.”

Priyanka Mehrotra, investment director, Mirova Division of Natixis Investment Managers Singapore, said the investment reflects continued focus on climate solutions in emerging markets. “We are pleased to support Battery Smart’s next phase of growth, built on a scalable model addressing both environmental and economic challenges in last-mile mobility,” she noted.

The development comes as India’s electric mobility ecosystem continues to evolve, with battery swapping emerging as a key enabler for faster EV adoption, particularly in commercial and gig economy applications.