Battery Smart raises $25 million in Series A funding

Battery Smart plans to expand to new territories, strengthen technology and ramp up hiring targeting a $17 billion battery swapping market by 2025.

Autocar Professional BureauBy Autocar Professional Bureau calendar 27 Jun 2022 Views icon3729 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Battery Smart raises $25 million in Series A funding

Battery Smart, India’s largest and fastest-growing battery-swapping network for electric vehicles, announced that it has closed a Series A funding round of $25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.

In November 2021, it raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures, along with notable angel investors. The funds will be utilized to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations. 

Battery Smart claims its battery-as-a-service model enables interoperable battery swapping for electric vehicles in under two minutes and reduces the up-front investment borne by a consumer by up to 60%. The company has completed over 2.5 million battery swaps and powered 80 million emission-free km.  

Pulkit Khurana, Co-Founder, Battery Smart, said, “With this investment, we are focused on bringing our offerings to even more EV users 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.”  

“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and e-commerce,” added Connie Lee, Partner, Tiger Global. 

Reports show that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30% of first- & last-mile vehicle sales by 2027.

Also read
Battery Smart targets new customers and cities
 

RELATED ARTICLES
JSW MG Motor India confident of selling 1,000 M9 electric MPVs in first year

auther Autocar Professional Bureau calendar11 Jul 2025

The 5.2-metre-long, seven-seater luxury electric MPV, which will be locally assembled at the Halol plant in Gujarat, wil...

Modern Automotives targets 25% CAGR in forged components by FY2031, diversifies into e-3Ws

auther Autocar Professional Bureau calendar05 Jul 2025

The Tier-1 component supplier of forged components such as connecting rods, crankshafts, tie-rods, and fork bridges to l...

VinFast’s second plant in Vietnam goes on stream ahead of India factory

auther Autocar Professional Bureau calendar30 Jun 2025

Vietnamese EV maker’s second plant in its home market, which has a 200,000 EVs-per-annum capacity, will focus on produci...