Battery swapping startup Battery Smart on Wednesday raised an additional $21 million in its ongoing Series B funding round led by global impact fund Rising Tide Energy.
YourStory had previously reported that the firm had raised additional funding in a Series B round. While the total Series B round is expected to be $29 million, RoC filings have only disclosed $21 million in investment so far.
The funding round also saw participation from ResponsAbility Asia Climate Fund, Acacia Inclusion Ltd, and Ecosystem Integrity Fund.
Rising Tide invested about Rs 106 crore, while ResponsAbility infused about Rs 51 crore, followed by Ecosystem Integrity Fund investing Rs 12.9 crore with Acacia infusing the rest of the amount.
According to a Registrar of Companies (RoC) filing, Battery Smart’s board passed a resolution to issue 32,813 Series B1 CCPS at an issue price of Rs 54,397 each to raise Rs 178.5 crore.
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YourStory had previously reported, citing a person familiar with the matter, that the company is expected to use the newly raised funds to strengthen its presence in existing cities and expand into new markets as well.
The Gurugram-based company operates over 1,518 battery swapping stations with more than 321 stations in Delhi. Founded by Pulkit Khurana and Siddharth Sikka, Battery Smart last raised $65 million in June last year.
According to data website Tracxn, the Tiger Global-led company has a 36% market share in the Indian battery swapping segment.
Battery swapping is an alternative to traditional charging, which reduces the charging time of a vehicle and encourages higher asset utilisation. This has made it a compelling choice for commercial use cases, especially in sectors like last-mile delivery and shared mobility.
Edited by Jyoti Narayan
