Tiger Global leads $25m round of Indian EV battery firm

Battery Smart, an India-based battery-swapping network for electric vehicles, has raised US$25 million in a series A round led by Tiger Global, with participation from Blume Ventures and Orios Venture Partners.

Battery Smart co-founders Siddharth Sikka (left) and Pulkit Khurana / Photo credit: Battery Smart

Founded in 2019, Battery Smart focuses on two- and three-wheel EVs. Its battery-as-a-service model enables interoperable battery swapping for EVs in under two minutes, the company said, adding that it also reduces the up-front investment borne by consumers by up to 60%.

The company said it has completed over 2.5 million battery swaps and powered 80 million emission-free kilometers.

So far, Battery Smart has over 200 live swap stations across 10 cities and targets a battery-swapping market that’s projected to reach US$17 billion by 2025.

The company will use the new funds to expand to new territories, strengthen its technology, and ramp up hiring.

The fresh capital comes after the company secured US$7 million in a pre-series A round led by Blume Ventures and Orios Venture Partners in November 2021 and an undisclosed amount in seed funding led by Orios Venture Partners in February 2021.

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“Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes,” said Battery Smart co-founder Pulkit Khurana.

Meanwhile, Tiger Global partner Connie Lee said Battery Smart’s tech-powered battery-swapping network will support India’s rapid adoption of EVs for food delivery and ecommerce.

The company’s data shows that the battery-swapping market in India has promising growth prospects, with two- and three-wheel EVs expected to contribute up to 30% of first- and last-mile vehicle sales by 2027.