Battery Smart, a leading player in India’s electric vehicle (EV) battery-swapping ecosystem, has secured $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers. The capital injection is earmarked for the aggressive expansion of the company’s Battery-as-a-Service (BaaS) infrastructure.
The startup plans to utilize the fresh funds to densify its network of partner-led swapping stations, targeting both urban and semi-urban markets. By focusing on the last-mile delivery and passenger mobility segments, Battery Smart aims to provide better infrastructure access for fleet operators and gig workers.
Scaling the Swap Network
Founded by Pulkit Khurana, Battery Smart addresses the primary hurdles of EV adoption—high upfront costs and long charging times. Their model allows drivers to swap a depleted battery for a fully charged one in under two minutes.
The company’s current footprint is significant:
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1,600+ partner-led stations.
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Operations across 50 cities.
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$192 million total funding raised to date.
Financial Turnaround
The funding comes at a pivotal moment for the company’s balance sheet. Battery Smart reported a 52% year-on-year surge in operating revenue, climbing to Rs 249 crore in FY25 from Rs 164 crore the previous year.
Perhaps more notably, the startup recently announced it has achieved operating break-even and turned EBITDA positive, a rare milestone in the capital-intensive EV infrastructure sector.
“The proceeds will be used to expand our infrastructure and strengthen our network of partner-led stations, ensuring EV drivers have seamless access to energy,” the company indicated regarding the Mirova partnership.
Battery Smart’s investor roster remains one of the strongest in the sector, featuring heavyweights such as Tiger Global, Blume Ventures, and the Ecosystem Integrity Fund. This latest debt round follows a successful $65 million Series B and a subsequent $29 million extension, signaling continued investor confidence in the scalability of the battery-swapping model.
By: Sandhya Bharti
