India’s Battery Smart raises $15m in debt

Battery Smart said on April 28 that it secured US$15 million in debt from Mirova to expand its battery-swapping network across India.

Battery Smart runs battery-as-a-service stations for electric two- and three-wheelers in India.

Mirova is a sustainable investing affiliate of Natixis Investment Managers.

The company said the funding will support more partner-led stations in urban and semi-urban markets where drivers swap depleted batteries for charged ones.

Battery Smart said it has more than 1,600 partner-led stations across 50 cities since launching its first site in New Delhi in 2020.

🔗 Source: Battery Smart

🧠 Food for thought

Implications, context, and why it matters.

A partner-led model turns debt into a tool for expansion

The US$15 million debt round fits a broader plan. Battery Smart has raised more than 1,000 rupees (US$11) crores (US$116 million) in debt to buy batteries that it carries on its balance sheet 1.
That funding supports a network serving 70,000 drivers a day and more than 125,000 battery swaps daily 1.
Growth comes through local shop owners who host swapping stations. That setup helps Battery Smart avoid fixed expenses such as rent and salaries at company-run sites 1.
Battery Smart says drivers can lift daily income from about 700 rupees (US$7.4) to 800 rupees (US$8.5) to roughly 1,200 rupees (US$13) to 1,500 rupees (US$16) which can cover the fees paid to the company 1.

Battery swapping changes EV ownership and gives Battery Smart more useful data

Its battery-as-a-service model separates battery access from vehicle ownership, so drivers use batteries through the network instead of buying one up front 1.
The company says the approach cuts charging downtime. It also keeps drivers on the road longer, which can raise earnings versus electric vehicles with fixed batteries 1.
Connected batteries let Battery Smart collect Global Positioning System (GPS) data from nearly 4 million kilometers of daily travel. It uses that information to plan network growth and predict maintenance needs 1.
A larger battery fleet, backed in part by debt, could also support second-life uses such as home inverters and telecom infrastructure 1.