Battery Smart, a battery swapping network for electric two- and three-wheelers, has raised $65 million in a Series B funding round led by LeapFrog Investments.
The equity round consisted of a mix of primary and secondary investments and saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII).
Battery Smart will use the funds for its next phase of expansion by bringing its battery-as-a-service solutions in Tier 1, 2 and 3 cities.
Pulkit Khurana, Co-Founder and CEO, Battery Smart, said, “We are thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, who bring extensive expertise across banking, climate strategy, and environmental sustainability. We are also profoundly grateful for the continued support from our existing investors- Tiger Global, Blume Ventures, EIF, and BII.”
He added that the fresh capital will be used to enhance technology, and strengthen market presence.
By 2030, India’s vehicle count is projected to grow to 200 million two-wheelers and 12 million three-wheelers. Battery Smart is a key player in this two and three-wheeler EV market. Its battery-as-a-service solution enables two-minute battery swaps that empower EV drivers to save time, cover greater distances, and reduce their upfront costs by up to 40%.
Nakul Zaveri, Partner and Co-Head, Climate Investment Strategy, LeapFrog Investments, said: “This investment is a natural fit for LeapFrog’s Climate Investment Strategy, which aims to invest $500 million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa. We are extremely excited to partner with Pulkit and Siddharth to accelerate India’s transition toward electric mobility.”
The exclusive financial advisor on the funding transaction was Elluminate Capital.