Tiger Global led a $25 million series A round of funding for Battery Smart, an electric car battery swapping network with offices in India. Blume Ventures and Orios Venture Partners also participated.
Battery Smart, a 2019 startup, specializes on two- and three-wheel EVs. According to the business, their battery-as-a-service approach enables interoperable battery changing for EVs in under two minutes and lowers the upfront cost incurred by consumers by up to 60%.
The business claimed to have done more than 2.5 million battery changes and driven 80 million miles without emitting any emissions.
The battery-swapping industry is expected to reach US $17 billion by 2025, and Battery Smart now has over 200 live swap stations spread across 10 cities.
The fresh cash will be used by the business to increase hiring, develop its technology, and enter new markets.
The firm previously received an unknown sum in seed investment from Orios Venture Partners in February 2021, as well as US $7 million in a pre-series A round-headed by Blume Ventures and Orios Venture Partners in November 2021.
“Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes,” said Battery Smart co-founder Pulkit Khurana.
Connie Lee, a partner at Tiger Global, asserted that Battery Smart’s tech-driven network for battery swapping will enable India’s quick adoption of EVs for food delivery and e-commerce.
According to the company’s statistics, the battery-swapping industry in India has bright future possibilities. By 2027, sales of two- and three-wheel EVs are predicted to account for up to 30% of first- and last-mile vehicles.
