Battery Smart Secures $65 Million for Expansion into Key Indian Cities
Battery swapping services provider, Battery Smart, has successfully raised $65 million in a funding round that values the company at $340 million. This fresh capital infusion will fuel the company’s ambitious expansion plans across India.
The company has recently expanded its operations in Mumbai and Bangalore. Pulkit Khurana, Co-Founder and CEO of Battery Smart, stated in an interview with CNBC-TV18 that with this fundraise, they plan to deepen their presence in existing markets and expand to at least 10 more cities in the next three months, primarily in North India due to the high concentration of electric three-wheelers. Battery Smart also aims to cover most large cities and tier 2 cities within the next 12 months.
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The funding round was spearheaded by South African private equity firm Leapfrog Investments, with early angel investors and Oreos Venture Partners participating in a secondary share sale.
“Battery swapping has not been scaled at the pace and size we are aiming for in India. This requires significant investment in people, technology, and capital expenses, as we own all the batteries in our network.”
Pulkit Khurana, Co-Founder and CEO of Battery Smart.
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Despite initial losses, the company is committed to its growth trajectory, currently operating in over 30 cities and facilitating more than 85,000 battery swaps daily for around 50,000 customers.
In the fiscal year 2023, Battery Smart reported revenues of ₹63 crore, though losses widened to ₹64 crore.
“We bear some losses in the early formative years, but our goal is to continue growing at this pace, reaching more cities across North and South India, and serving as many customers as possible over the next 12 to 14 months,”
Pulkit Khurana, Co-Founder and CEO of Battery Smart.
In May 2024, Battery Smart 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. This significant funding comes on the heels of Battery Smart’s recent achievements, including their earlier milestone of securing $25 million in Series B funding.
In July last year, Battery Smart raised $33 million from investors including Tiger Global, Bloom Ventures, Ecosystem Integrity Fund, and British International Investment.