Over the past year, there has been an increased investment in the electric vehicle landscape globally.
As a recent report by DeelStreetAsia showed, the battery swap market in India, which includes vehicle makers and battery startups raised about $902 million across 60 deals in 2022, versus a total of $564 million across 35 deals in 2021.
Riding on this new EV landscape investment trend, Gurugram-based Battery Smart which offers a battery-as-a-service (BaaS) solution has secured a staggering $33 million in a pre-Series B funding round to power its battery-swapping network expansion.
The company is revolutionizing EV charging by providing advanced lithium-ion batteries for two and three-wheelers. Their innovative approach allows customers to effortlessly swap depleted batteries for fully charged ones in a lightning-fast two-minute process at any of the 600+ swapping stations sprinkled across 25 cities.
To date, the company has completed more than 12 million battery swaps and has 25,000 active customers across tier I, II and III cities. Now with an ambitious plan to add 100,000 customers to its network by 2025, this new capital will serve as a catalyst for the company's ambitious growth plans, with a laser focus on expanding its customer base and geographical footprint.
This latest investment, led by investors Tiger Global and Blume Ventures, alongside The Ecosystem Integrity Fund (EIF) and British International Investment (BII), propels Battery Smart's total funding to over $70 million. The company had raised a $25 million Series A round in June last year and a subsequent $9 million debt in December 2022 which was valued at around $126 million. The current valuation for the recent round is unknown.
Battery Smart faces stiff competition from other battery-swapping startups including Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, and RACEnergy in India's evolving battery-swapping landscape.