Indian electric vehicle (EV) battery swapping startup Battery Smart has secured $29 million in a Series B funding round, marking a significant milestone in its mission to revolutionize EV infrastructure across the country. The funding will fuel the company’s expansion into new markets and enhance services in existing regions.
The round was led by Rising Tide Energy, a New York-based private equity firm, with participation from notable investors such as LeapFrog Investments, Ecosystem Integrity Fund, and responsAbility. This financial boost underscores growing investor confidence in the potential of battery swapping as a sustainable solution for EV adoption.
Based in Gurugram, Battery Smart currently operates over 1,518 swapping stations across 321 locations in Delhi and other regions, catering primarily to electric two- and three-wheelers. The company offers lithium-ion battery swapping services, providing a quick and efficient alternative to traditional charging methods.
With the fresh capital, Battery Smart aims to deepen its footprint in current markets while venturing into untapped cities, addressing the rising demand for EV infrastructure in India. This expansion is expected to play a crucial role in supporting the country’s transition to cleaner transportation.
The battery swapping model is gaining traction in India, especially for last-mile delivery and urban mobility solutions, as it reduces downtime for EV users. Battery Smart’s innovative approach positions it as a key player in this emerging sector, contributing to the nation’s green energy goals.
As the EV market continues to grow, supported by government initiatives and increasing consumer adoption, companies like Battery Smart are poised to drive significant change. This funding round is a testament to the startup’s potential to scale and innovate in the rapidly evolving EV ecosystem.
Alfred Lee
