Battery Smart Secures Funding to Expand Battery-Swapping Network
Battery Smart has successfully raised close to Rs 100 crore from a current investor, aiming to enhance its network for electric two- and three-wheelers. This new funding will assist the company in its expansion efforts as it continues to develop its battery-swapping infrastructure.
As revealed in its regulatory filings accessed by Startup Superb, the firm has issued 18,000 compulsorily convertible preference shares (CCPS) at an issue price of Rs 54,407 each, accumulating approximately Rs 98 crore from the Ecosystem Integrity Fund. This funding round seems to be still in progress, with the Gurugram-based firm expected to acquire additional capital in several tranches.
Recent Funding Activities
In August 2026, Battery Smart had raised Rs 185.5 crore ($19.5 million) during a Series C funding round led by existing supporter Rising Tide Ventures, with additional participation from Ecosystem Integrity Fund and Blume Ventures. According to Startup Superb, the company is currently valued at around Rs 4,170 crore or $440 million post-money valuation.
Utilisation of Funds
Battery Smart plans to allocate the fresh funds towards business development, capital expenditures, working capital needs, and other general corporate objectives, as detailed in the filings. Established in 2020, Battery Smart operates a battery-swapping system tailored for electric two- and three-wheelers. Its battery-as-a-service (BaaS) model enables users, particularly those in the gig economy, to swap batteries rather than incur the high initial cost associated with battery ownership.
Financial Performance Overview
The company has raised over $221 million to date, with notable investors such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund. According to the regulatory filings, Battery Smart’s revenue saw a significant increase of 43.8%, rising to Rs 358 crore in FY26 from Rs 249 crore in FY25, while its loss decreased by 12.8% year-on-year, standing at Rs 23.55 crore.