11th June 2024- Battery Smart, an electric vehicle (EV) startup, announced on Tuesday that it has successfully secured $65 million in a Series B funding round led by LeapFrog Investments. This substantial investment will be utilized to expand the company’s battery-swapping network nationwide and promote greater adoption of electric mobility.
Pulkit Khurana, Co-Founder and CEO of Battery Smart, expressed gratitude for the funding, emphasizing its role in accelerating expansion, enhancing technology, and bolstering market presence. The equity round witnessed participation from both new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.
Having rapidly scaled to 1,000 battery-swapping stations across 30 cities, Battery Smart boasts over 35 million swaps completed and serves more than 45,000 active customers. Notably, the startup ensures EV users are always within a 1 km radius of a station with zero wait time.
Nakul Zaveri, Partner and Co-Head of Climate Investment Strategy at LeapFrog Investments, highlighted the investment’s alignment with LeapFrog’s climate investment strategy, aiming to allocate $500 million to innovative companies scaling new low-carbon, low-cost technologies across growth markets in Asia and Africa.
conclusion
Battery Smart’s successful funding round signifies a significant milestone in its journey towards expanding EV infrastructure and promoting sustainable mobility solutions in India.
Source:Link
