Battery Smart Initiates Pre-Series C Funding Round

Battery Smart, recognised for its battery-swapping network catering to electric two- and three-wheelers, has commenced its pre-Series C funding round. While the exact amount sought remains undisclosed, notable investments exceeding $7 million have already been secured from Acacia Inclusion, Blume Ventures, and PC-SBI Kurashi Visionary Fund.

Funding Details and Investor Contributions

According to regulatory filings with the Registrar of Companies, Battery Smart’s board has approved a special resolution to issue 12,158 pre-Series C compulsory convertible preference shares at a price of Rs 54,407 each, amounting to Rs 66 crore (approximately $7.4 million). Acacia Inclusion spearheaded this funding round with an investment of Rs 36.3 crore. PC-SBI Kurashi Visionary Fund followed with Rs 17.8 crore, and Blume Ventures contributed Rs 12 crore to the initiative.

Utilisation of Funds

The funds raised from this round will be directed towards business growth, capital expenditures, working capital needs, and various general corporate activities, as indicated in the filings. Battery Smart has chosen not to comment further on this development.

About Battery Smart’s Services

Founded to tackle range anxiety and the steep costs associated with electric mobility, Battery Smart provides lithium-ion batteries for electric two- and three-wheelers. These batteries can be swapped in a matter of minutes at its extensive network of swapping stations. Through its battery-as-a-service (BaaS) model, the company allows users, especially those in the gig economy, to bypass the initial expense of battery ownership.

Funding History and Financial Performance

To date, Battery Smart has successfully raised around $192 million, which includes a $65 million Series B round and a $29 million extended Series B round. The company’s investor base boasts prominent names such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.

From a financial perspective, Battery Smart reported a 52% year-on-year increase in operating revenue, achieving Rs 249 crore in FY25, up from Rs 164 crore in FY24. Recently, Battery Smart announced it has attained operating break-even and has reached EBITDA positive status.