In a fresh round of funding, Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment contributed a total of $45 million to the battery technology startup Battery Smart.
According to Battery Smart’s regulatory filing, which can be accessed through the Registrar of Companies, the board approved a special resolution to issue 87,113 Series B CCPS at an issue price of Rs 43,203 each in order to raise Rs 376.35 crore ($45 million).
With Rs 124.75 crore, Acacia Inclusion led the round. Blume Ventures and MUGF Bank also participated, contributing Rs 41.58 crore and Rs 93.56 crore, respectively. With contributions of Rs. 41.58 crore from Ecosystem Integrity Fund and Rs. 49.90 crore and Rs. 24.94 crore from British International Investment and PC-SBI Kurashi Visionary Fund, respectively, the round was completed.
Following the distribution of the new round, Blume Ventures, the company’s original backer, now owns a sizable 14.43% of the business, with Acacia Inclusion and Ecosystem Integrity claiming 9.83% and 6.56% of the shares, respectively.
The media reports that the Gurugram-based business raised the fresh funding at a valuation of $341 million, or Rs 2,830 crore. Its value has increased by 62.5% from the $210 million it was valued at during the pre-Series B financing round in November of last year.
It looks like BatterySmart is still in the process of raising money, so its valuation will probably change as a result of this.
The company raised $33 million in a pre-Series B round in July of last year, and it has since received over $120 million from Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.
For electric two- and three-wheelers, Battery Smart offers cutting-edge lithium-ion batteries that can be switched out at any of its swapping stations for fully charged ones in a matter of minutes. Customers can save significant upfront costs with the help of its battery-as-a-service (BaaS) solution.
The company states that it has completed over 35 million battery swaps since its founding and grown to 1,000 swapping stations spread across 30 cities. The company is present in Uttar Pradesh, Telangana, Rajasthan, Karnataka, Haryana, NCR, and Maharashtra.
Battery Smart reported revenue of Rs 55.8 crore for the fiscal year that ended in March 2023, a seven-fold increase from Rs 7.95 crore for the previous year. The company’s losses increased by 4.9X to Rs 64.51 crore in FY23 from Rs 13.08 crore in FY22, according to the media. The company hasn’t submitted its audited FY24 results yet.
Among its competitors are Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy.
