Battery swapping network Battery Smart has successfully raised $33 million (Rs 272 crore) in a pre-Series B funding round, attracting investments from prominent backers including Tiger Global, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment. The funds will be utilized to bolster the company’s geographical reach and expand its customer base, targeting a significant increase of one lakh customers by 2025. Presently, Battery Smart boasts a robust user network of 25,000 individuals across Tier I, II, and III cities.
Pulkit Khurana, Co-founder and CEO of Battery Smart, expressed his enthusiasm regarding the latest investment, highlighting its crucial role in empowering the company’s station partners and drivers in contributing to India’s ongoing transition toward electric mobility. Khurana stated, “This investment 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.”
Devin Whatley, Managing Partner at The Ecosystem Integrity Fund, conveyed his excitement about partnering with Battery Smart, commending the company’s innovative business model that has fostered remarkable and sustainable growth. Whatley remarked, “We are excited to partner with Battery Smart, a company whose innovative business model has enabled impressive and sustainable growth.”
Battery Smart, headquartered in Delhi, operates as a battery swapping network, providing efficient and convenient services for electric vehicle (EV) owners. The company’s approach involves swiftly replacing depleted EV batteries with fully charged ones at their network of stations, significantly reducing the time and effort required for charging.
The latest funding round, featuring the continued support of Tiger Global and Blume Ventures, as well as the new participation of The Ecosystem Integrity Fund and British International Investment, represents a significant vote of confidence in Battery Smart’s potential and underscores the growing interest in the electric mobility sector.
The infusion of fresh capital will enable Battery Smart to accelerate its plans for geographical expansion, targeting a more extensive presence throughout India. Furthermore, the company aims to tap into a broader customer base, projecting a remarkable growth trajectory that will encompass an additional one lakh customers by 2025.
Battery Smart’s business model aligns with the Indian government’s push for widespread electric vehicle adoption and the development of supportive infrastructure. By providing a reliable and efficient solution for EV charging, Battery Smart contributes to reducing carbon emissions and fostering a more sustainable transportation ecosystem.
As Battery Smart secures this substantial funding, the company is well-positioned to pursue its ambitious growth objectives and continue playing a pivotal role in driving India’s transition toward electric mobility. With increased geographical coverage and an expanding customer base, Battery Smart is poised to contribute significantly to the ongoing revolution in the country’s transportation sector.
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