Battery Smart founders Pulkit Khurana and Siddharth Sikka / Photo credit: Battery Smart
Battery Smart, an Indian firm offering battery-swapping services for electric two- and three-wheelers, has secured US$33 million in a pre-series B funding round.
The fresh funds will be used to add 100,000 customers to its network by 2025 and expand its market, the company said in a statement. Pulkit Khurana, co-founder and CEO of Battery Smart, said the firm currently has 25,000 active customers across Tier 1, 2, and 3 cities in India.
“We are keen to reinforce our ESG objectives while supporting India’s pursuit towards net-zero emissions,” he added.
Funding details
- Funding amount: US$33,000,000
- Other investors: Tiger Global, Blume Ventures, The Ecosystem Integrity Fund, British International Investment (BII)
- Stage: Pre-series B
In India, over 1.3 million electric motorcycles have been sold to date. The country has a target of having 80% of the two- and three-wheelers on its roads be electric in the next seven years.
Since its US$25 million series A round in June last year, Battery Smart has recorded a 6x growth in revenue and customer base. It also has set up more than 600 swap stations across 25 cities.
The firm said it has completed more than 12 million battery swaps and has sought to “double that number.”
See also: This profitable firm’s $1b bet on recycling relies on Indonesia, EV batteries
More details
Battery Smart→The company was founded in 2019 by Siddharth Sikka and Pulkit Khurana. |
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
