Battery Smart Secures $15 Million to Boost Battery Swapping Network

Battery Smart, a notable battery swapping network for electric vehicles, has successfully acquired $15 million in debt funding from Mirova, a subsidiary of Natixis Investment Managers. This financial injection is aimed at broadening its battery-as-a-service (BaaS) infrastructure and reinforcing its network of partner-operated stations in both urban and semi-urban areas.

About Battery Smart’s Operations

Founded by Pulkit Khurana, Battery Smart allows electric vehicle drivers to exchange exhausted batteries for charged ones in just a few minutes. This innovation significantly reduces downtime and helps to lower the initial costs associated with electric vehicles. Currently, Battery Smart operates over 1,600 partner-led stations across 50 cities, focusing primarily on the last-mile delivery and passenger mobility sectors.

Funding Utilization and Future Plans

The recent funding will aid in the expansion of Battery Smart’s network, making it more accessible for gig workers and fleet operators. So far, the company has accumulated about $192 million in funding through various rounds, including a $65 million Series B round and an additional $29 million in an extended Series B round. Its list of investors features prominent names such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.

Financial Performance

On the financial side, Battery Smart reported a substantial 52% increase in operating revenue, rising to Rs 249 crore in FY25, compared to Rs 164 crore in FY24. In a recent release, Battery Smart announced achieving operating break-even and becoming EBITDA positive.