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Battery technology startup Battery Smart announced it has raised US$65 million in a Series B funding round led by LeapFrog Investments.
The investment round included participation from new and existing investors including Mitsubishi UFJ Bank, Panasonic, Ecosystem Integrity Fund, Bloom Ventures and British International Investment.
Elluminate Capital acted as exclusive financial advisor to the financing transaction.
According to an official statement, BatterySmart plans to use the additional funding to drive its next phase of expansion by offering its Battery-as-a-Service solutions to more cities across India.
“The new funding will enable us to accelerate our expansion, improve our technology and strengthen our market presence,” said Pulkit Khurana, co-founder and CEO of Battery Smart.
Founded in 2019 by Indian Institute of Technology Kanpur alumni Pulkit Khurana and Siddharth Sikka, Battery Smart is a battery swapping network for electric two- and three-wheelers.
The platform claims to have worked with over 45,000 vehicles in over 30 cities, performed over 35 million battery swaps, and set up over 1,000 swap stations.
The company closed a $33 million pre-Series B investment in July of last year.
“We believe Battery Smart's offering will be a significant contributor to India's net-zero transition, not only enabling the rapid adoption and sustainable use of EVs across the country, but also decarbonizing the power grid,” said Nakul Zaveri, Partner and Co-Head of Climate Investment Strategy at Leapfrog Investments.
“This investment fits well with Leapfrog's climate investment strategy, which aims to invest $500 million in innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa,” he added.
