Battery Smart, a pioneering battery technology startup, has successfully secured $65 million in its Series B funding round, spearheaded by LeapFrog Investments. The funding round also witnessed enthusiastic participation from both new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII).
Although Battery Smart has opted not to disclose its current valuation, it experienced a notable surge in its worth during the initial tranche of its Series B funding, amounting to $45 million. This valuation marked a substantial increase from its pre-Series B valuation of $210 million, recorded in November of the previous year.
The infusion of capital will empower Battery Smart to expand its battery-swapping network nationwide, fostering greater adoption of electric mobility, as highlighted in the company’s recent press release.
Battery Smart specializes in providing cutting-edge lithium-ion batteries designed for electric two and three-wheelers, offering swift and efficient swapping capabilities at any of its numerous swapping stations. The company’s innovative Battery-as-a-Service (BaaS) solution alleviates the burden of high upfront costs for its clientele.
Presently, Battery Smart boasts a network of 1,000 battery-swapping stations spanning across 30 cities, facilitating over 35 million swaps for more than 45,000 active customers. The company has established a notable presence in key regions such as Haryana, the National Capital Region (NCR), Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.
According to insights, Battery Smart witnessed an impressive seven-fold increase in revenue, soaring from Rs 7.95 crore to Rs 55.8 crore in FY22. However, the company also experienced a 4.9-fold surge in losses, escalating from Rs 13.08 crore to Rs 64.51 crore during the same period.
As of the latest available data, Tiger Global holds a substantial 23% stake in Battery Smart, followed by co-founders Pulkit Khurana and Siddharth Sikka, each possessing a 14.28% stake. Additionally, Blume Ventures maintains over a 12% stake in the company. For further details, interested parties can refer to TheKredible platform.