Battery Smart Secures $45 Million in Series B Funding
Battery tech startup Battery Smart has raised $45 million in its latest funding round, with contributions from investors such as Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment.
According to regulatory filings accessed from the Registrar of Companies, Battery Smart’s board approved a special resolution to issue 87,113 Series B CCPS at an issue price of Rs 43,203 each, amounting to Rs 376.35 crore ($45 million).
Leading the round, Acacia Inclusion contributed Rs 124.75 crore, while MUFG Bank and Blume Ventures invested Rs 93.56 crore and Rs 41.58 crore, respectively. Ecosystem Integrity Fund also invested Rs 41.58 crore, and British International Investment and PC-SBI Kurashi Visionary Fund added Rs 49.90 crore and Rs 24.94 crore, respectively.
Post-allotment, Blume Ventures, an early backer, holds a significant 14.43% stake in Battery Smart. Acacia Inclusion and Ecosystem Integrity own 9.83% and 6.56%, respectively.
The Gurugram-based company’s latest funding round valued it at Rs 2,830 crore ($341 million), marking a 62.5% increase from its $210 million valuation during the pre-Series B round in November last year, according to TheKredible estimates. The current round is ongoing, suggesting that Battery Smart might raise additional funds, potentially altering its valuation.
This development was first reported by Inc42. In July last year, Battery Smart raised $33 million in its pre-Series B round and has accumulated over $120 million to date from investors like Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.
Battery Smart specializes in providing advanced lithium-ion batteries for electric two and three-wheelers, enabling users to swap discharged batteries for fully charged ones within minutes at any of its swapping stations. Their battery-as-a-service (BaaS) model helps customers avoid high upfront costs.
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Since its inception, Battery Smart has grown to operate 1,000 swapping stations across 30 cities, completing over 35 million battery swaps. The company is active in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.
For the fiscal year ending March 2023, Battery Smart reported a seven-fold increase in revenue to Rs 55.8 crore, up from Rs 7.95 crore in FY22. However, its losses also surged 4.9 times to Rs 64.51 crore from Rs 13.08 crore in the previous fiscal year, according to TheKredible. The firm has yet to file its audited results for FY24.
Battery Smart faces competition from companies like Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy.
