Battery Smart, is a New Delhi-based battery-exchange Company for electric vehicles. Battery smart on Monday introduced that it has closed a Series A amounting to $25 million. The funding was backed by Tiger Global, Orios Ventures, and Blume Ventures.
In the month of November last year, the company raised $7 million in a Pre-Series A which was also led by Blume Ventures and Orios Ventures, with other remarkable angel investments.
Battery Smart is planning to utilize the fresh funding capital in the following ways:
- To expand to territories,
- Strengthen its Battery Assignment Technology, and
- Expansion of its team to continue scale operations.
Battery Smart was founded by Pulkit Khurana and Siddharth Sikka. Battery Smart helps the companies to serve-as-a-service model that permits interoperable battery exchanging for electric vehicles in two minutes and cuts the up-front investment up to 60%.
In the month of June 2020, the startup finished over 2.5 million battery swapping and supported 80 million emission-free kilometers.
As per the resources, it shows that the battery exchanging market in India has been increasing with time, by the help of Electric Vehicles 2-3-wheelers are expected to contribute up to 30% of first- and last-mile vehicle sales by the 2027 year.
EXECUTIVE OPINION: -
"With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap Stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and to make key hires in our growing team.”
“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” said Connie Lee, Partner, Tiger Global.
The Co-Founder of this company said, “Battery exchanging has increased potential to fast-track the country’s Electronic Vehicles adoption, as it to do major deterrents such as long charging downtimes, high up-front costs, and range anxiety.”
