EV battery swapping network Battery Smart has successfully raised US$33 million in Pre-Series B funding. The funds will be utilised to expand the company’s customer base by adding 100,000 customers to its network by 2025 and to expand its reach to new geographical areas.
The round saw participation from Battery Smart’s existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
With 25,000 active customers across tier 1, 2 and 3 cities, we are keen to reinforce our Environmental, social, and corporate governance (ESG) objectives while supporting India’s pursuit towards net-zero emissions,” said Pulkit Khurana, Co-Founder and CEO, Battery Smart.
The company claims to have completed more than 12 million battery swaps and is looking to double that number.
“We are excited to continue to invest in the entire Battery Smart team and their mission to simplify and accelerate electric vehicle adoption, and therefore clean transportation,” said Deep Varma, Head of Singapore, Tiger Global.
The battery-as-a-service model enables interoperable battery swapping for two and three-wheeler EVs in under two minutes, according to the company, and reduces the up-front investment borne by a consumer by up to 40 percent.