Battery Smart raises USD 65mn Series B round led by LeapFrog Investments – ET Auto


With over 45,000 active customers, Battery Smart leads the battery swapping movement, offering a convenient, low-carbon driving range.

New Delhi: Battery Smart, a prominent battery swapping network for electric two- and three-wheelers, has secured USD 65 million in a Series B funding round led by LeapFrog Investments, a firm known for its purposeful profit initiatives.

The equity round mixed primary and secondary investments and included participation from both new and existing investors. Among them were MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII). Elluminate Capital served as the exclusive financial advisor on this funding transaction. The newly acquired capital will help Battery Smart expand its battery-as-a-service solution to more cities across India, according to a company media release.

Battery Smart launched its first swap station in New Delhi in June 2020 and has since expanded to 1,000 stations across 30 cities, completing over 35 million swaps to date. The company has strategically established stations in Tier 1, 2, and 3 cities, broadening its nationwide reach.

With over 45,000 active customers, Battery Smart leads the battery swapping movement, offering a convenient, low-carbon driving range. Its asset-light model allows the company to partner with Indian Small and Medium-sized Businesses (SMBs) and utilize their existing infrastructure to rapidly set up swap stations, simultaneously improving local business owners’ livelihoods.

Pulkit Khurana, Co-Founder and CEO of Battery Smart, expressed his excitement about the new partnerships:
“We are thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, who bring extensive expertise across banking, climate strategy, and environmental sustainability. We are also profoundly grateful for the continued support from our existing investors—Tiger Global, Blume Ventures, EIF, and BII.”

He added, “Their combined support showcases the growing global confidence in battery swapping as an innovative electric mobility solution and the mission of Battery Smart to make electric mobility accessible and affordable for all. The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.”

By 2030, India’s vehicle count is expected to reach 200 million two-wheelers and 12 million three-wheelers. Battery Smart’s battery-as-a-service solution offers two-minute swaps, allowing EV drivers to save time, cover more distance, and cut upfront costs by up to 40%.

Nakul Zaveri, Partner and Co-Head of Climate Investment Strategy at LeapFrog Investments, said “We view Battery Smart’s offering as a major contributor to India’s overall net-zero transition—enabling not only the rapid adoption and sustained use of EVs across the country but also the decarbonisation of the grid. 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. We are extremely excited to be partnering with Pulkit and Siddharth to accelerate India’s transition toward electric mobility.”

Shashank Joshi, Deputy CEO of MUFG India, commented “This investment in Battery Smart aligns with our commitment to a zero-carbon future and our support to uplift innovative solutions that drive sustainable growth. Battery Smart’s technology-driven approach aligns with our vision of empowering businesses and communities and enhancing India’s EV infrastructure.”

One of the main challenges to EV adoption in India is the lack of charging infrastructure, which causes significant concerns for potential users. Battery swapping offers a simple, cost-effective, and efficient solution to this problem, eliminating the need for expensive batteries and extensive charging infrastructure. By creating a dense network of swap stations, Battery Smart ensures that EV users are always within a 1 km radius of a station, with zero wait time.

  • Published On Jun 11, 2024 at 12:02 PM IST

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