Battery Smart Secures USD 13 Million Debt Facility from responsAbility

Battery Smart has secured a debt facility of more than USD 13 million from responsAbility Investments AG to support the expansion of its battery-swapping infrastructure across India, sources familiar with the development said.

The funding is understood to be earmarked for scaling the company's battery-as-a-service (BaaS) network and expanding its partner-led battery-swapping stations across key urban and semi-urban markets. The transaction marks the fourth financing agreement between Battery Smart and responsAbility in about 18 months, taking the latter's cumulative commitment to the company to more than USD 50 million.

Industry sources said the expansion is aimed at strengthening battery-swapping infrastructure for electric two- and three-wheelers, particularly those used in last-mile delivery and passenger transport. The battery-swapping model allows EV users to exchange depleted batteries for fully charged units in a matter of minutes, helping reduce downtime while lowering upfront vehicle ownership costs.

Battery Smart currently operates over 1,600 battery-swapping stations across more than 70 cities and serves upwards of 100,000 active drivers, according to people aware of the company's operations. The fresh capital is expected to support the addition of new stations and further expansion of its network as battery-swapping adoption continues to grow in India's electric mobility ecosystem.