Battery swapping network Battery Smart on Thursday said it has raised USD 33 million (around Rs 272 crore) in a funding round.
The Pre-Series B funding round saw participation from the company's existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
The fresh capital will be utilised by the company to add 1 lakh new customers to its network by 2025, and expand its geographic footprint, the company said in a statement.
"With 25,000 active customers across tier 1, 2 and 3 cities, we are keen to reinforce our ESG objectives while supporting India's pursuit towards net-zero emissions.
"This investment also 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," Battery Smart Co-Founder and CEO Pulkit Khurana stated.
In June 2022, Battery Smart had raised USD 25 million in Series A funding led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.
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