EV battery swapping network Battery Smart secures $15 M Debt funding from Mirova
Mirova, a Natixis Investment Managers affiliate, has provided $15 million in debt funding to Battery Smart, an electric vehicle battery swapping network.
Its network of partner-led stations in urban and semi-urban markets will be strengthened and its battery-as-a-service (BaaS) infrastructure will be expanded with the money raised.
Battery Smart, which was founded by Pulkit Khurana, reduces downtime and upfront vehicle costs by allowing EV drivers to replace depleted batteries with charged ones in a matter of minutes.
The startup currently operates more than 1,600 partner-led stations across 50 cities. The last-mile delivery and passenger mobility segments are the main focus of its platform.
The money will help it grow its network and make it easier for fleet operators and gig workers to access it.
With its $65 million Series B round and $29 million extended Series B round, Battery Smart has raised about $192 million in funding thus far. Prominent investors like Tiger Global, Blume Ventures, and Ecosystem Integrity Fund are listed on its cap table.
In terms of finances, the company’s operating revenue increased by 52% year over year to Rs 249 crore in FY25 from Rs 164 crore in FY24. Battery Smart recently announced that it has turned EBITDA positive and reached operating break-even.
