Battery Smart Secures $65M for EV Battery Swapping Expansion

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Battery Smart has raised $65 million in a Series B funding round spearheaded by LeapFrog Investments. This funding round comprised both primary and secondary investments and attracted participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.

Elluminate Capital acted as the sole financial advisor for the transaction. The funding will aid Battery Smart in its next phase of expansion, focusing on scaling its battery-as-a-service offering to additional cities throughout India.

Battery Smart has expanded to 1,000 stations across 30 cities, facilitating over 35 million swaps, since launching its initial swap station in New Delhi in June 2020. The company has established its footprint in Tier 1, 2, and 3 cities nationwide.

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