The EV startup plans to use the fresh funding to add more batteries in its network and expand business across India
Including the current investment, Battery Smart has bagged $41 Mn funding to date
The development comes a few days after Battery Smart secured funding from venture debt company BlackSoil
EV startup Battery Smart has raised more than $9 Mn (INR 75 Cr) in a debt funding round from Stride Ventures.
The EV startup plans to use the fresh funding to add more batteries in its network and expand business across India.
Including the current investment, Battery Smart has bagged $41 Mn funding to date.
The development comes a few days after Battery Smart secured funding from venture debt company BlackSoil.
Founded in 2020 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, the Gurugram-based startup provides battery swapping solutions and charging infrastructure across the country.
Battery Smart claims to operate more than 400 battery-swapping stations throughout the country.
“We are excited to partner with Battery Smart as they look to expand their innovative business model that connects key players in the electric vehicle ecosystem. 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,” said Ishpreet Singh Gandhi, founder and managing partner, Stride Ventures.
The startup claims to have completed more than 6 Mn battery swaps and established over 440 EV swapping stations. It further claims to have serviced more than 13K customers across 12+ Indian cities.
Its cap table includes Tiger Global, Blume Ventures, Orios Ventures, Green Frontier Capital, TradeCred and Baring Private Equity India, among others.
“We are excited that Stride Ventures will be a part of the endeavor to further strengthen our 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,” said Pulkit Khurana, cofounder of Battery Smart.
Battery Smart faces competition from the likes of Chargeup, RACEnergy and SUN Mobility, among others.
According to a Mordor Intelligence report, the country’s EV market is anticipated to become a $15.38 Tn mark by 2027. The industry is set to expand at a CAGR of 47.09% by the forecasted period.
This year, the EV sector has seen a slew of major developments–beginning with the central and state governments introducing EV policies and EV-focused funds to promote faster adoption of two-wheeler EVs. Besides, EV startups such as Statiq, Ather Energy and Matter, among others have lapped up scores of investments from investors.