In a significant boost to India's electric vehicle (EV) ecosystem, Gurugram-based startup Battery Smart has successfully raised $21 million in an extended Series B funding round. This financial milestone underscores the growing investor confidence in battery swapping technology as a key driver for EV adoption in the country.
The funding round was led by Rising Tide Energy, a New York-based private equity firm, with participation from other notable investors. This latest infusion of capital builds on Battery Smart's previous fundraising success, bringing the company closer to its ambitious expansion goals.
Battery Smart plans to utilize the funds to expand operations into new markets and strengthen its presence in existing cities. With over 1,500 swapping stations already operational across multiple locations, the company aims to make EV battery swapping more accessible and convenient for users of electric two- and three-wheelers.
The startup's innovative approach addresses one of the critical pain points in EV adoption—charging time and infrastructure. By offering quick and cost-effective battery swapping services, Battery Smart is paving the way for a cleaner, more sustainable transport solution in India, especially for last-mile delivery and ride-hailing sectors.
This funding comes at a time when India's EV market is witnessing rapid growth, fueled by government incentives and increasing environmental awareness. Battery Smart's focus on lithium-ion battery technology positions it as a frontrunner in the race to decarbonize urban mobility.
As Battery Smart continues to scale, industry experts believe this investment will accelerate the adoption of EVs in India, contributing significantly to the country's green energy goals. The company's journey reflects the broader trend of innovation and investment flowing into India's sustainable technology sector.
Andrew Lee
