EV Battery Network Battery Smart Secures $65 Million In Series B Funding
Date
6/11/2024 2:36:16 PM
(MENAFN- KNN India)
New Delhi, Jun 11 (KNN) Battery Smart, a leading battery swapping Network for electric vehicles, announced on Monday that it has raised USD 65 million in a Series B funding round.
The investment was led by LeapFrog Investments and included participation from new investors like MUFG Bank, Panasonic, and the Ecosystem Integrity Fund, as well as existing investors Blume Ventures and British International Investment.
The fresh capital will fuel Battery Smart's next phase of expansion across India.
The startup plans to use the funds to accelerate its network growth, enhance its battery swapping technology, and strengthen its market presence.
"The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence," said Pulkit Khurana, Co-Founder and CEO of Battery Smart.
Since launching its first battery swapping station in Delhi four years ago, Battery Smart has rapidly scaled to operating over 1,000 stations across 30 cities in India.
The company has completed a remarkable 35 million successful battery swaps to date.
"This investment is a natural fit for LeapFrog's Climate Investment Strategy, which aims to invest USD 500 million into innovative companies that can rapidly scale new low-carbon technologies across growth markets in Asia and Africa," said Nakul Zaveri, Partner and Co-Head of the Climate Investment Strategy at LeapFrog Investments.
Battery Smart's expansion comes at a critical time as India's vehicle population is projected to grow to 200 million two-wheelers and 12 million three-wheelers by 2030.
Battery swapping networks like Battery Smart can play a vital role in supporting this growth with a convenient, sustainable energy solution.
Elluminate Capital served as the exclusive financial advisor for this funding transaction.
(KNN Bureau)
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