Battery swapping operator Battery Smart has raised $29 million as part of its ongoing Series B round, a source familiar with the matter told YourStory.
Inc42 was the first to report on this matter.
According to the report, New York-based private equity firm Rising Tide Energy led the funding round, which also saw participation from responsAbility, Ecosystem Integrity Fund, and LeapFrog Investments.
Battery Smart did not respond to YourStory’s request for comment.
The source added that the company intends to use the newly raised funds to strengthen its presence in existing cities and expand into new markets.
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Battery Smart, which operates over 1,518 battery swapping stations at more than 321 stations in Delhi, last raised $73.9 million in May 2024, which saw participation from Blume Ventures, LeapFrog Investments, and responsAbility, among others, according to data from Tracxn.
The Gurugram-based company was valued at $451 million, as of May 8, 2025. The Tiger Global-backed company has a 36% market share, according to Tracxn, and competes with VoltUp, SUN Mobility, and Mooving.
Founded by Pulkit Khurana and Siddharth Sikka, the company offers Lithium-ion battery swapping services to electric three-wheelers and two-wheelers through its swapping network.
According to the company’s website, it has conducted over 74.9 million swaps since its inception and has onboarded over 68,036 EV drivers onto its network.
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 Suman Singh
