BatteryPool Raises Rs 8 Crore to Transform Battery Tech

Battery tech startup BatteryPool has successfully secured Rs 8 crore (approximately $960K) in its pre-Series A funding round, spearheaded by Inflection Point Ventures. This round saw participation from the Indian Angel Network, Chennai Angels, Keiretsu Forum, and various individual investors. The funding will primarily be directed towards scaling its battery fleet tenfold over the next 18 months and broadening its operational reach throughout India.

Innovative Business Model

Established in 2020 by Ashwin Shankar, BatteryPool employs a pay-as-you-go battery access model specifically designed for electric vehicles. The company utilises unique hardware and an IoT-integrated battery management system, allowing customers to make sachet-style payments on a daily, weekly, or monthly basis for EV batteries. Currently, the platform manages over 2,000 batteries across six cities.

Lifecycle Monetisation of Batteries

The platform also facilitates the monetisation of each battery throughout its entire lifecycle. According to recent market analysis, over 2 million electric two- and three-wheelers are currently operational on Indian roads. Furthermore, another 2 million EVs are projected to be sold in FY25. This surge in electric vehicle sales is leading to an increased demand for straightforward and efficient battery-charging and swapping solutions.