LeapFrog Investments led the $65 million Series B round that battery tech startup Battery Smart won. Both new and old investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII), participated in the equity round.
Battery Smart did not reveal its current valuation, but it was estimated to be worth $340 million in the first Series B funding round, which included $45 million. Compared to the $210 million in the pre-Series B round in November of last year, there has been a notable increase in valuation.
According to a press release from Battery Smart, the startup will use the money to expand its battery-swapping network across the nation and encourage more people to adopt electric vehicles.
For electric two- and three-wheelers, Battery Smart offers cutting-edge lithium-ion batteries that can be quickly changed at any of its swapping stations. Its battery-as-a-service (BaaS) solution lowers expensive upfront expenditures for clients.
With more than 45,000 active customers, it currently boasts 1,000 battery-swapping stations spread across 30 cities that have completed over 35 million swaps. The company is present in the following states: Uttar Pradesh, Telangana, Rajasthan, Karnataka, Haryana, and NCR.
In order to deploy 1,000 electric vehicles in the upcoming fiscal year of FY25, Battery Smart recently partnered with Zepto, a fast commerce platform. Battery Smart’s battery-swapping network will be made available to Zepto’s EV delivery partners through the partnership.
Media reports state that revenue for Battery Smart increased seven times, from Rs 7.95 crore in FY22 to Rs 55.8 crore. Its losses increased by 4.9X as well, from Rs 13.08 crore to Rs 64.51 crore.
The co-founders Pulkit Khurana and Siddharth Sikka each own 14.28% of Battery Smart, with Tiger Global holding a 23% stake, according to the most recent data. Over 12% of the company is owned by Blume Venture.
