[Update] Exclusive: Battery Smart Snags $65 Mn From LeapFrog Investments, Existing Investors

Update | June 11, 13:30 PM

Almost three weeks after Inc42 exclusively reported that Battery Smart is raising its Series B, today the startup announced that it raised $65 Mn in a Series B funding led by LeapFrog Investments. The equity round is a mix of primary and secondary investments and saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures and British International Investment (BII).

Pulkit Khurana, cofounder and CEO said that the fresh capital will enable the startup to accelerate its expansion, enhance technology, and strengthen its market presence

Original Story | May 16, 16:08 PM

Delhi NCR-based battery-swapping startup Battery Smart is raising around INR 376.3 Cr (about $45 Mn) from existing and new investors in what seems to be a Series B funding round. 

As per the startup’s regulatory filing, the funding round will see participation from Acacia Inclusion Ltd, Japan’s MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund (EIF), British International Investment (BII) and Panasonic-Kurashi Visionary Fund. 

Acacia Inclusion Ltd, MUFG Bank and Panasonic-Kurashi Fund are the new additions to the startup’s cap table. 

Post this fundraise, Aracia Inclusion Ltd will hold 9.83% stake in Battery Smart, while Blume Venture Partners will have 14.43% stake and EIF 6.56% stake on a fully-diluted basis.

As per Inc42 estimates, the funding round has valued the startup at around $350 Mn. 

The startup, in the filing, said that the capital will be utilised for business growth and expansion. 

A detailed questionnaire sent to Battery Smart on the funding round didn’t elicit any response till the time of publishing this story. 

The fundraise comes almost a year after the startup raised $33 Mn in its pre-Series B funding round from Tiger Global, Blume Ventures, EIF, and BII. 

In June 2022, Battery Smart raised $25 Mn in a Series A funding round led by Tiger Global, along with participation from Blume Ventures and Orios Ventures. Back then, the startup said it was aiming to add 100K customers to its network by 2025 and expand its geographical footprint.

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. 

As per Battery Smart’s standalone financials, its operating revenue zoomed 597% to INR 55.4 Cr in the financial year 2022-23 (FY23) from INR 7.9 Cr in FY22. Meanwhile, net loss jumped 401% to INR 64.4 Cr in FY23 from INR 12.8 Cr in FY22. 

In the battery swapping space, Battery Smart competes against the likes of Chargeup, Sun Mobility, RACEnergy, among others.

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