Battery swapping network Battery Smart announced on Tuesday that it has successfully raised $65 million in a Series B funding round. This funding round includes a mix of primary and secondary investments and was led by LeapFrog Investments. Other participants in the round include new and existing investors such as MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII).
The company plans to utilize the fresh capital to drive its next phase of expansion. “The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence,” stated Pulkit Khurana, Co-founder and CEO of Battery Smart.
Battery Smart has made significant strides since launching its first swap station in the National Capital four years ago. The company has expanded to 1,000 stations across 30 cities, completed over 35 million swaps, and established a nationwide presence with charging stations in Tier I, II, and III cities.
LeapFrog Investments expressed enthusiasm about the partnership, aligning it with their Climate Investment Strategy. “This investment is a natural fit for LeapFrog’s Climate Investment Strategy, which aims to invest $500 million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa,” said Nakul Zaveri, Partner and Co-head, Climate Investment Strategy, LeapFrog Investments.
Battery Smart highlighted the significant growth potential in India’s vehicle market. By 2030, the country is projected to have 200 million two-wheelers and 12 million three-wheelers, indicating a substantial demand for efficient and sustainable battery swapping solutions.