Friday, 17 May 2024, Bengaluru, India
Battery Smart, a Gurugram-based battery tech startup, has successfully raised $45 million in the new funding round led by Acacia Inclusion. This round had investors including Acacia Inclusion, Blume Ventures, British International Fund, MUFG Bank, and the Ecosystem Integrity Fund. Acacia Inclusion led the round with Rs 124.75 crore while the existing investor of Battery Smart, MUFG bank invested 93.56 crore.
Blue Ventures is one of the old investors and now holds a 14.44% stake in the startup, while Acacia Inclusion and Ecosystem Integrity own 9.83% and 6.56% respectively. According to a report by Entrackr, the board at the startup has passed a special resolution to issue 87,113 series B CCPS at an issue price of Rs 43,203 for one to raise $45 million. After this round Battery Smart is said to have raised a valuation of $341 million, which is 62.5% more than the series B financing round last year. The startup saw a jump in valuation from $210 million last year to $341 million this year. The round is still ongoing so there may be more increases in the overall valuation of the startup. The company is planning to do market expansion, enhance technology, and scale up operations with this fund.
Image source: batterysmart.in
The startup raised $33 million in the last pre-series B round of help in July, where the startup secured $120 million from Tiger Global, Orios Ventures, Baring Private Equity, and Shimshon Finance. Alumni of IIT Kanpur Pulkit Khurana and Siddharth Sikka founded Battery Smart in 2020. Battery Smart offers advanced Lithium-ion batteries for electric 2-wheelers and 3-wheelers which can be swapped with fully charged ones in the swapping station after draining existing batteries. .
According to a report by TheKredible, battery tech startup Battery Smart recorded a seven-time increase in its revenue. The revenue went up to Rs 63.55 crore in FY23 as compared to FY22’s Rs 7.95 crore. The startup mentioned that they have expanded across 30 cities with 1,000 swapping stations and have done over 35 million battery swaps since 2020. The startup has stations at NCR, Haryana, Karnataka, Telangana, Uttar Pradesh, and Maharastra. This startup competes with other batter tech startups including Sun Mobility, Lithium Power, RACEnergy, and more.
Conclusion:
Gurugram-based battery tech startup, Battery Smart has successfully raised $45 million in the new funding round led by Acacia Inclusion. After this round Battery Smart is said to have raised a valuation of $341 million, which is 62.5% more than the series B financing round last year. The startup saw a jump in valuation from $210 million last year to $341 million this year. The round is still ongoing so there may be more increases in the overall valuation of the startup. The company is planning to do market expansion, enhance technology, and scale up operations with this fund. Battery Smart offers advanced Lithium-ion batteries for electric 2-wheelers and 3-wheelers which can be swapped with fully charged ones in the swapping station after draining existing batteries.
