Total amount raised
$202 Million
Latest funding date
6/1/2024
Location
Battery Smart has participated in 11 funding rounds, with its latest being a Series B round led by Rising Tide Energy. The company is backed by 27 investors, including LeapFrog Investments.
Keep reading to explore the intricacies of Battery Smart's fundraising journey and the investors backing this innovative platform.
What Is Battery Smart?
Battery Smart is an EV battery-swapping network that provides Li-ion batteries for electric two and three-wheelers in India. The company operates in multiple industries, including automotive, battery, charging infrastructure, consumer, electric vehicle, and energy.
Founded in Gurgaon, Haryana, India, Battery Smart has an employee count ranging from 251 to 500. The company also has a presence in New Delhi, where it is registered under Upgrid Solutions Private Limited and Upgrid Electrilease Private Limited.
Battery Smart aims to offer efficient and safe battery-swapping solutions, emphasizing safety and sustainability through its ESG policies.
How Much Funding Has Battery Smart Raised?
- Seed Round
- Amount Raised: USD 1,400,000
- Date: February 2021
- Lead Investors: Orios Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial battery-swapping infrastructure.
- Seed Round
- Amount Raised: USD 3,900,000
- Date: November 2021
- Lead Investors: Blume Ventures, Orios Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the battery-swapping network and enhance technology.
- Series A Round
- Amount Raised: INR 1,925,000,000
- Date: June 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market presence.
- Debt Financing
- Amount Raised: INR 750,000,000
- Date: December 2022
- Lead Investors: BlackSoil, Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and infrastructure development.
- Series B Round
- Amount Raised: INR 2,720,000,000
- Date: July 2023
- Lead Investors: Blume Ventures, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the battery-swapping network and enhance technology.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: December 2023
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and further expansion.
- Series B Round
- Amount Raised: INR 3,764,000,000
- Date: May 2024
- Lead Investors: Acacia Inclusion
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the battery-swapping network and drive electric mobility adoption.
- Secondary Market
- Amount Raised: INR 1,670,000,000
- Date: June 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series B Round
- Amount Raised: USD 65,000,000
- Date: June 2024
- Lead Investors: LeapFrog Investments
- Valuation at Round: USD 340,000,000
- Motivation Behind the Round: To scale the battery-swapping network and promote electric mobility adoption.
- Series B Round
- Amount Raised: USD 29,000,000
- Date: May 2025
- Lead Investors: Rising Tide Energy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology.
Total Amount Raised: USD 99,300,000
Current Valuation: USD 340,000,000
Key Investors
- Rising Tide Energy
- Details: Rising Tide Energy is a lead investor in Battery Smart's Series B round. The firm focuses on investments in sustainable energy solutions.
- Investment Focus Areas: Renewable energy, sustainable infrastructure, clean technology.
- Notable Investments: Series B - Battery Smart.
- LeapFrog Investments
- Details: LeapFrog Investments is a private equity firm that invests in high-growth companies in emerging markets. The firm led Battery Smart's $65 million Series B round.
- Investment Focus Areas: Healthcare, financial services, climate solutions.
- Notable Investments: Companies reaching 537 million people in 37 countries, $500 million commitment from Temasek.
- Blume Ventures
- Details: Blume Ventures is an early-stage venture fund that backs startups with innovative solutions across various sectors. The firm has participated in multiple funding rounds for Battery Smart.
- Investment Focus Areas: Technology, consumer internet, healthcare.
- Notable Investments: Diverse portfolio of high-growth potential startups in India.
- MUFG Bank
- Details: Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups, headquartered in Tokyo with a global network in over 50 countries. MUFG participated in Battery Smart's Series B round.
- Investment Focus Areas: Commercial banking, trust banking, securities, credit cards, consumer finance, asset management, leasing.
- Notable Investments: Various innovative solutions driving sustainable growth globally.
- Panasonic
- Details: Panasonic is a multinational electronics corporation known for its wide range of products and services, including battery technology. The company participated in Battery Smart's Series B round.
- Investment Focus Areas: Electronics, battery technology, energy solutions.
- Notable Investments: Key player in battery technology and energy solutions.
What's Next for Battery Smart?
Battery Smart is poised for significant growth as it expands its battery-swapping network across India. With the country's vehicle count projected to grow substantially, the company has a golden opportunity to scale its operations and enhance its technology. The collaboration with Zepto to deploy 1,000 electric vehicles further underscores the potential for widespread adoption of electric mobility.
Future fundraising opportunities seem promising, given the successful Series B round and the strategic importance of battery swapping in India's EV ecosystem. Additional funding rounds could support continued growth and technological advancements, making Battery Smart a key player in the market.
However, challenges such as managing logistics, ensuring reliable service, and competing with other players in the EV space remain. Overcoming these hurdles will be crucial for Battery Smart to maintain its market presence and achieve its ambitious goals.
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