Exclusive: Battery Smart Bags $29 Mn From Rising Tide Energy, Others

Delhi NCR-based battery swapping startup Battery Smart has raised $29 Mn in its ongoing Series B extension round, sources told Inc42. 

New York-based PE firm Rising Tide Energy led the round, which also saw participation from responsAbility, Ecosystem Integrity Fund, and LeapFrog Investments. 

Confirming the development, Battery Smart said that it has raised the funds as part of an ongoing round. The startup said it is still in discussions with potential investors for raising additional funds.

Battery Smart said it will utilise the capital to deepen its presence in existing cities and drive expansion into new markets.

The funding round comes almost a year after the startup raised $65 Mn in its Series B round led by LeapFrog Investments at a post-money valuation of $340 Mn. The round also saw participation from Japan’s MUFG Bank, Blume Ventures, British International Investments, among others. The Series B round provided a partial exit to early investors, including Orios Venture Partners. 

Founded in 2020 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart offers battery swapping solutions and charging infrastructure across the country. Currently, it has the highest number of swapping stations in Delhi NCR. 

Including the latest funding, the startup has raised a total funding of over $139 Mn to date from investors like Tiger Global, Blume Ventures, among others. 

On the financial front, Battery Smart’s net loss almost doubled to INR 120 Cr in FY24 from INR 63.6 Cr in the previous year. However, operating revenue surged 196% to INR 164 Cr from INR 55.4 Cr in FY23.

The startup competes against Chargeup, Sun Mobility, RACEnergy, among others.