Venture debt fund Stride Ventures on Thursday said it has invested Rs 75 crore in battery swapping network provider Battery Smart.
Battery Smart, which provides swapping networks for electric two and three-wheelers, will use the fund to add more batteries to its network and expand to new cities across India, the company said in a statement.
Till date, the start-up has completed over 60 lakh battery swaps, setting up more than 440 live swap stations with over 13,000 customers in over 12 cities in India, it added.
"By working towards building a robust EV ecosystem, Battery Smart is taking a proactive approach to drive the adoption of electric transportation, and we are proud to support their efforts," Stride Venture Founder & Managing Partner Ishpreet Singh Gandhi said.
Battery Smart Co-Founder Pulkit Khurana said the company is looking to further strengthen its EV battery-swapping network in India.
"By expanding our footprint across more cities and deploying additional batteries to our network, we aim to reach even more EV users nationwide," he added.
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