Battery Smart Shifts Gears with $65 Million Funding Round

India’s Leading Battery-Swapping Network Poised for Expansion

Battery Smart, India’s leading battery-swapping network for electric two- and three-wheelers, announced today it has secured $65 million in a Series B funding round. The round was led by LeapFrog Investments, a global impact investor focused on climate, financial services, and healthcare.

This equity infusion will fuel Battery Smart’s aggressive expansion plans, bringing its convenient battery-as-a-service model to even more cities across India. Since its 2020 launch, the company has grown rapidly, establishing a network of 1,000 swap stations in 30 cities and facilitating over 35 million battery swaps.

Battery Smart is a pioneer in the battery swapping movement, offering a low-carbon alternative for over 45,000 active customers. Their asset-light approach leverages existing infrastructure by partnering with Indian small and medium-sized businesses (SMBs) to establish swap stations, fostering economic growth for local entrepreneurs.

“We’re thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, leaders in banking, climate strategy, and sustainability,” said Pulkit Khurana, Battery Smart’s Co-Founder and CEO. “This funding reflects the global confidence in battery swapping as a game-changer for electric mobility. We aim to make EVs accessible and affordable for all.”

With India’s two- and three-wheeler market projected to reach 200 million and 12 million vehicles by 2030, Battery Smart offers a compelling solution. Their battery swapping technology enables two-minute swaps, saving drivers time, extending range, and reducing upfront costs by up to 40%.

“Battery Smart significantly contributes to India’s net-zero goals,” said Nakul Zaveri, Partner and Co-Head of Climate Investment Strategy at LeapFrog Investments. “Their model not only accelerates EV adoption but also decarbonizes the grid. This aligns perfectly with our mission to invest in innovative low-carbon solutions.”

The lack of charging infrastructure remains a major hurdle for EV adoption in India. Battery swapping offers a convenient, cost-effective alternative, eliminating the need for expensive batteries and extensive charging networks. Battery Smart’s dense network ensures EV users are within a kilometer of a swap station, with minimal wait times.

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