Battery Smart Secures Rs 185.5 Crore in Series C Funding
Battery Smart has successfully raised Rs 185.5 crore or $19.50 million in its Series C funding round. This round was led by existing investors, Rising Tide Ventures, along with contributions from Ecosystem Integrity Fund and Blume Ventures. In March 2026, the firm raised Rs 66 crore in a pre-Series C round, with investment from Acacia Inclusion, Blume Ventures, and the PC-SBI Kurashi Visionary Fund, an effort highlighted exclusively by Startup Superb. Additionally, a $15 million debt funding was secured from Mirova in April.
Details of the Series C Funding Round
According to regulatory filings with the Registrar of Companies (RoC), Battery Smart’s board approved the issuance of 34,094 Series C CCPS at an issue price of Rs 54,407 each, facilitating the raising of the specified amount. Rising Tide Ventures contributed Rs 112 crore or $11.8 million, followed by Ecosystem Integrity Fund and Blume Ventures, which invested Rs 49 crore and Rs 25 crore respectively. The Gurugram-based company received the capital in two tranches; the first tranche accounted for nearly Rs 97 crore, while the second contributed Rs 88 crore.
Company Valuation and Future Plans
Startup Superb estimates Battery Smart to have a valuation of approximately Rs 4075 crore or $430 million post-money. The funds raised will be utilised for business expansion, capital expenditure, working capital needs, and other corporate purposes, as indicated in the filings.
About Battery Smart
Founded in 2020, Battery Smart operates a battery-swapping network tailored for electric two- and three-wheelers. Its unique battery-as-a-service (BaaS) model enables users, particularly those in the gig economy, to swap batteries instead of incurring the high initial costs associated with battery ownership.
Investment and Financial Performance
To date, the company has raised over $211 million from investors that include Tiger Global, Blume Ventures, and Ecosystem Integrity Fund. In accordance with the company’s regulatory filing, revenue surged by 43.8% to Rs 358 crore for FY26, compared to Rs 249 crore in FY25. Concurrently, the loss decreased by 12.8%, reducing from Rs 27 crore in the previous fiscal year to Rs 23.55 crore.