What is Battery Smart?
Established in 2019, Battery Smart is dedicated to making electric vehicle adoption economical and accessible in India. The company rapidly scaled its operations following the launch of its first battery-swapping station in June 2020, establishing itself as India's largest battery-swapping network for electric two and three-wheelers. This expansion is crucial for supporting the burgeoning EV market.
How much funding has Battery Smart raised?
Battery Smart has raised a total of $168M across 6 funding rounds:
Other Financing Round
$7M
Series A
$25M
Debt
$9M
Other Financing Round
$33M
Series B
$65M
Series B
$29M
Other Financing Round (2021): $7M with participation from Blume Ventures and Orios Venture Partners
Series A (2022): $25M, investors not publicly disclosed
Debt (2022): $9M supported by Stride Ventures
Other Financing Round (2023): $33M featuring British International Investment, Blume Ventures, and Tiger Global
Series B (2024): $65M backed by MUFG Bank, Panasonic, LeapFrog Investments, and Ecosystem Integrity Fund
Series B (2025): $29M with participation from Rising Tide Energy, LeapFrog Investments, responsAbility, and Ecosystem Integrity Fund
Key Investors in Battery Smart
MUFG Bank
MUFG Bank is Japan's premier bank, offering extensive commercial and investment banking products and services globally, with a significant presence in Asia.
LeapFrog Investments
LeapFrog Investments focuses on investing in exceptional businesses in Africa and emerging Asia, partnering with leaders to achieve significant growth and impact.
Ecosystem Integrity Fund
The Ecosystem Integrity Fund is a venture capital fund dedicated to investing in early growth stage companies that contribute to environmental sustainability, particularly in renewable energy and electric vehicles.
What's next for Battery Smart?
The substantial capital infusion, particularly the recent major strategic investment, positions Battery Smart for accelerated growth and market expansion. This backing is expected to fuel further development of its network infrastructure, enhance technological capabilities, and potentially explore new market segments. The company's trajectory suggests a strong focus on scaling operations and solidifying its leadership in the EV battery-swapping sector, indicating a move towards a growth or expansion phase.
See full Battery Smart company page
