Battery Smart, a Delhi NCR-based EV startup, has successfully secured $65 million in its series B funding round, which was led by LeapFrog Investments. Investors in this equity round included Panasonic, Blume Ventures, British International Fund, British International Investment, MUFG Bank, and The Ecosystem Integrity Fund. The MUFG bank previously invested Rs 93.56 crore in the startup’s seed funding round. Here we are talking about Battery Smart secured $65 Million in its Series B funding round led by LeapFrog Investments.
Here we are discussing about Battery Smart secured $65 Million in its Series B funding round led by LeapFrog Investments:
This series B round was a mix of primary and secondary investments. The CEO and co-founder of Battery Smart, Pulkit Khurana, highlighted that the fresh capital raised from this round will increase its network, enhance technologies, and solidify its position in the market. Blue Ventures is one of the most significant stakeholders of the startup, with a 14.44 percent stake, followed by Acacia Inclusion, which has a 9.83 percent stake. The firm also reported an increase in its valuation from $210 million last year to $341 million this fiscal year. Battery Smart provides EVs with a swappable battery that can be charged at stations or swapped when damaged in the swapping station.
The startup plans to use these fresh proceeds to expand the market, enhance its technology, and meet market needs. The series B round came after the startup raised $33 million in its pre-series round. The firm has scaled up and expanded across 30 cities with 1,000 swapping stations and has done over 35 million battery swaps since its inception. The partner of LeapFrog Investments, Nakul Zaveri, mentioned that the investment aligns with their investment strategy.
The company aims to invest around $500 million in innovative companies to scale new low-cost and low-carbon technologies and grow them in the EV market across Asia and Africa. Battery Smarts claims to offer EV users zero waiting time if they are within a 1 km radius of the EV station. This firm competes with other EV and battery tech startups, including RACEnergy, Sun Mobility, and Lithium Power, among others.
Conclusion
Delhi NCR-based EV startup Battery Smart has successfully secured $65 million in the series B funding round led by LeadFrog investments. Battery Smart was previously said to have raised a valuation of $341 million. This equity round had investors including Panasonic, Blume Ventures, British International Fund, British International Investment, MUFG Bank, and The Ecosystem Integrity Fund. Pulkit Khurana highlighted that the fresh capital raised from this round will increase its
network, enhance technologies, and solidify its position in the market. Battery Smart provides users with an advanced swappable Lithium-ion battery for 2 and 3-wheeler EVs. The batteries can be swapped at the swapping station after drainage of existing batteries. The series B round came after the startup raised $33 million in its pre-series round. The firm has scaled up and expanded across 30 cities with 1,000 swapping stations and has done over 35 million battery swaps since its inception. This equity round was a mix of primary and secondary investments
