EV battery-swapping startup Battery Smart has raised Rs 185.5 crore, approximately $19.5 million, in a Series C funding round led by existing investor Rising Tide Ventures. Ecosystem Integrity Fund and Blume Ventures also participated in the round as the Gurugram-based company looks to expand its operations and strengthen its battery-swapping infrastructure.
The latest fundraise comes after multiple financing activities by Battery Smart in 2026. In March 2026, the company raised Rs 66 crore in a pre-Series C round backed by Acacia Inclusion, Blume Ventures, and PC-SBI Kurashi Visionary Fund. It followed this with $15 million in debt financing from Mirova in April.
Battery Smart’s board approved the allotment of 34,094 Series C compulsorily convertible preference shares (CCPS) at an issue price of Rs 54,407 per share as part of the latest funding round.
Rising Tide Ventures invested approximately Rs 112 crore, making it the largest contributor to the round. Ecosystem Integrity Fund invested around Rs 49 crore, while Blume Ventures contributed nearly Rs 25 crore.
The Series C capital was raised in two phases. The first tranche accounted for close to Rs 97 crore, while the second tranche contributed approximately Rs 88 crore.
Following the fundraise, Battery Smart’s post-money valuation has reached around Rs 4,075 crore, or approximately $430 million. The company plans to deploy the fresh capital toward business expansion, capital expenditure, working capital requirements, and other corporate needs.
Founded in 2020, Battery Smart operates a battery-swapping network for electric two-wheelers and three-wheelers. Its Battery-as-a-Service (BaaS) model allows users to exchange depleted batteries for fully charged ones, eliminating the need to purchase and own batteries upfront.
The model primarily caters to gig economy workers and commercial vehicle operators, for whom battery-swapping can help reduce vehicle downtime and the upfront cost associated with electric mobility.
Battery Smart has raised more than $211 million from investors to date. Its investor base includes Tiger Global, Blume Ventures, Ecosystem Integrity Fund, and other investors.
The company has also recorded growth in its financial performance. Battery Smart’s revenue increased by 43.8 percent to Rs 358 crore in FY26, compared with Rs 249 crore in FY25.
At the same time, the company reduced its losses by 12.8 percent during the period. Losses declined to Rs 23.55 crore in FY26 from Rs 27 crore in the previous financial year.
The latest Series C round gives Battery Smart additional capital to scale its battery-swapping network, invest in infrastructure, and support its working capital requirements. With revenue growth and narrowing losses alongside continued fundraising, the company is positioning itself for the next phase of expansion in India’s electric mobility ecosystem.
