Battery Smart has managed to raise close to ₹100 crore as a follow-on to a top-up Series C round. The fresh investment capital was obtained from a current investor, Ecosystem Integrity Fund. Evidence in regulatory records collected by Entrackr reveals that the company issued 18,000 compulsorily convertible preference shares at an issue price of ₹54,407 each. This financial transaction aggregates to approximately ₹98 crore. Industry participants have cited that the funding round is continuing and that the electric vehicle infrastructure enterprise will have access to more capital in the next tranche.

Core business model and previous financial milestones

The latest round of funding represents a fresh infusion of capital following Battery Smart’s more extensive effort earlier this year. The firm managed to raise an amount of ₹185.5 crore (approximately $19.5 million) through a Series C investment round that was headed by Rising Tide Ventures, an existing investor, along with other investors like Blume Ventures and Ecosystem Integrity Fund.

The post-money valuation of Battery Smart is estimated to be approximately ₹4,170 crore (approximately $440 million). With the latest funding round, the startup has secured a total of more than $221 million in collective investment since its founding, backed by major global investors like Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.

The company’s patented battery-as-a-service program enables the seamless replacement of depleted battery power with fully charged versions at specific service points, especially beneficial for gig drivers. 

This infrastructure model ensures that it removes the high initial investment of batteries, thereby reducing downtime of the vehicles, and solving range anxiety among EV owners in urban areas and semi-urban commercial corridors in India.

Strategic capital development and revenue growth

In addition to its network expansion, Battery Smart has performed well financially during the past several operating quarters. According to the regulatory filings by the firm, revenues of Battery Smart jumped 43.8% to ₹358 crore in FY26 from ₹249 crore in FY25, while its losses decreased 12.8% annually to ₹23.55 crore.

The interplay between revenue growth at the top line and optimized loss mitigation reinforces the commercial feasibility and operational efficiency of its battery-swapping network model.

The fresh equity funds from the Ecosystem Integrity Fund will be used strategically to fuel the company’s aggressive expansion strategy. With the raised funds, Battery Smart plans to expand its battery swapping network for E2W and E3W vehicles in new and existing geographic segments. 

The proceeds will support capital expenditures, working capital needs, and general corporate purposes as the enterprise continues its expansion of the infrastructure to support increasing demand for electric mobility solutions in India.

Conclusion

Successful completion of its Series C funding round with an investment of ₹100 crore from Ecosystem Integrity Fund represents a major achievement in Battery Smart’s operations. The startup has solidified its leadership position in India’s electric vehicle ecosystem with strong revenue growth of ₹358 crore in fiscal year 2026 and a post-money valuation of around ₹4,170 crore. Battery Smart’s use of these new capital funds will accelerate battery swapping infrastructure and improve working capital and capital expenditures, leaving the company strong to fuel the adoption of electric vehicles for gig economy drivers and commercial operators across the country.