Battery swapping network Battery Smart said it had raised $33 million (around Rs 272 crore) in funding that saw participation from the company’s existing investors, Tiger Global, and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
The company said in a statement that it will use the funds to expand its geographic reach and add 1 lakh new customers to its network by 2025.
“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 cofounder and chief executive Pulkit Khurana stated.
Battery Smart received $25 million in Series A funding in June 2022 from Tiger Global, Blume Ventures, and Orios Ventures.
“We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth,” said Devin Whatley, Managing Partner, The Ecosystem Integrity Fund.
“We are excited to continue to invest behind Pulkit, Siddharth, and the entire Battery Smart team and their mission to simplify and accelerate electric vehicle adoption and, therefore, clean transportation,” said Deep Varma, Head of Singapore, Tiger Global.