Battery Smart, a network for swapping batteries, said on Thursday that it had raised US$ 33 million (around Rs 272 crore) in a pre-Series B funding round. The company said in a statement that it will use the new money to add 1 lakh new customers to its network by 2025 and to expand its reach across the country.
The company's existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investmen took part in the Pre-Series B funding round (BII).
"With 25,000 active customers across Tier 1, 2, and 3 cities, we are keen to reinforce our ESG objectives while supporting India's pursuit towards net-zero emissions. This investment also signifies our commitment to enhancing the livelihoods of our station partners and drivers, empowering them to play a significant role in India's transition towards electric mobility," Battery Smart Co-Founder and CEO Pulkit Khurana stated.
Tiger Global, with assistance from Blume Ventures and Orios Ventures, led a US$ 25 million Series A funding round for Battery Smart in June 2022.