India’s EV revolution is getting a serious jolt of energy — and Battery Smart is at the heart of it.
The Gurugram-based battery-swapping startup has secured $21 million in a Series B extension, led by Rising Tide Energy, with additional backing from Asia Climate Fund, Ecosystem Integrity Fund, and Acacia Inclusion Limited. The funding comes at a post-money valuation of $450 million, marking a 32% uptick from its previous round.
Battery Smart’s growth story is one of deep relevance in today’s mobility landscape. At a time when electric two- and three-wheelers are becoming the backbone of urban mobility — from gig deliveries to personal rides — the company’s Battery-as-a-Service (BaaS) model is helping drivers avoid high upfront battery costs.
In simple terms, Battery Smart enables quick battery swaps at a network of stations, offering EV users speed, reliability, and affordability — three things that define India’s fast-growing e-mobility ecosystem.
“With this fresh capital, we’re geared to scale operations, ramp up infrastructure, and deepen our network’s reach,” the company stated.
While the regulatory filing confirms the $21 million round, reports suggest that the total extended Series B is worth $29 million, with more capital expected to flow in soon.
In FY24, Battery Smart posted ₹164 crore in revenue, a 3X jump over FY23, according to data from TheKredible. But rapid growth came at a cost: losses rose 2.3X to ₹140 crore in the same period — a sign of aggressive expansion and capex-heavy execution.
The company has raised $170 million to date, with its earlier Series B led by MUFG Bank, Panasonic, Blume Ventures, and British International Investment (BII).
As India races toward electrification, Battery Smart is quietly building the infrastructure that keeps it all charged — and now, with a larger war chest, it’s ready to accelerate even faster.
-By Muskan Dengra | The Indian Startup Times
