The firm plans to utilise the funds to strengthen momentum towards enabling green last-mile mobility for people movement and goods deliveries, Yulu has said
Battery Smart has closed its series A round of USD 25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures, it said in a statement.
Battery Smart's fundraise comes a month after NITI Aayog published a draft policy for battery swapping, suggesting that swapping infrastructure and EV financing would continue to get government attention
Battery swapping will go a long way in encouraging adoption of electric vehicles but the policy also needs to address other issues such as safety, grid connectivity and making land available
The support of state governments and local authorities by way of allocating land parcels or power supply connections for battery charging stations would be a crucial determinant for enabling an effective EV ecosystem
Who does battery swapping benefit? And what sort of battery swapping policy would work for India?
Budget 2022's announcement of battery swapping resolves one of the key hindrances to EV adoption