Tiger Global-backed Battery Smart raises $65 million in Series B round

Battery Smart Founders (L-R) - Pulkit Khurana and Siddharth Sikka

Tiger Global-backed Battery Smart has raised $65 million in its Series B round, a mix of primary and secondary investment, led by LeapFrog Investments.

The round saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures,
and British International Investment (BII), the battery swapping network player said on June 11.

"Investors combined support showcases the growing global confidence in battery swapping as an innovative electric mobility solution and the mission of Battery Smart to make electric mobility accessible and affordable for all,” co-founder and chief executive officer Pulkit Khurana said.

The firm will use the additional funding to fuel its next phase of expansion by bringing its battery-as-a-service solution to more cities across India.

Founded in 2019 by serial entrepreneurs and Indian Institute of Technology-Kanpur graduates Khurana and Siddharth Sikka, Battery Smart has completed 35 million and more swaps and set up around 1,000 swapping stations across India.

“The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence," Khurana said.

The firm claims to work with more than 45,000 vehicles across 30 cities.  Battery Smart is looking to expand its footprint nationwide and has already set up stations in Tier 1, 2, and 3 cities, the statement said.

"By 2030, India’s vehicle count is projected to grow to 200 million two-wheelers and 12 million three-wheelers. Battery Smart is a key player in this two and three-wheeler EV market," Khurana added.

The investment is a natural fit for LeapFrog’s Climate Investment Strategy, which aims to invest $500 million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa, Nakul Zaveri, partner and Co-head, Climate Investment Strategy, LeapFrog Investments, said.

The round comes just a year after the firm raised SD 33 million (around Rs 272 crore) in a pre-Series B funding round, which saw participation from existing investors Tiger Global and Blume Ventures. New investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII) also participated in the round.

In June 2022, Battery Smart raised $25 million in Series A funding led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.