New Delhibattery exchange network for electric vehicles million. The funding was led by world tigerwith the participation of Blume Ventures and Orios Ventures.announced on Monday the closure of a A-Series turn of $25
In November 2021, the startup raised $7 million in a pre-Series A round led by Blume Ventures and Orios Ventures, along with notable angel investors.
According to the official publication, the funds will be used to expand into new territories, strengthen its battery assignment technology and build its team to continue scaling operations.
Founded by serial entrepreneurs and graduates of IIT-Kanpur Pulkit Khurana and Siddharth SikkaBattery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in less than two minutes and reduces a consumer’s initial investment by up to 60%.
Operational in June 2020, the company has completed more than 2.5 million battery swaps and driven 80 million emissions-free miles.
Pulkit Khurana, co-founder, Battery Smartsaid, “The battery swap has incredible potential to accelerate the adoption of electric vehicles in the country, as it addresses key deterrent issues such as range anxiety, high upfront costs and long charging downtimes.
“With this investment, we are focused on bringing our offerings to even more electric vehicle users across India, increasing the number of exchange stations and continuing to partner with OEMs and operators of We are also looking to strengthen our technology for effective network planning and to make key hires to our growing team.
“Battery Smart’s technology-powered battery exchange network offers an innovative solution to power India’s rapid adoption of electric vehicles for food delivery and e-commerce. We are delighted to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” said Connie Lee, Partner, Tiger Global.
With Niti Aayog’s release of a draft Battery Swap Policy last month, battery swap infrastructure and EV financing will continue to receive increased attention from the government.
Reports show India’s battery swap market has strong growth prospects, with two- and three-wheel electric vehicles expected to contribute up to 30% of first and last mile vehicle sales by 2027 .