Battery Smart, a leading battery swapping network for electric vehicles, has announced that it has raised a Pre-Series A round of $7 million. The funding round was led by Blume Ventures and Orios Ventures, along with investments from Green Frontier Capital, Baring Private Equity India, and notable angels like Srinivas Anumolu (Founder - Elance, TutorVista, Bigbasket, Bluestone), K Ganesh (Serial Entrepreneur & Partner - GrowthStory.in), Niraj Singh, (Founder & CEO - Spinny), and Amit Bhasin (Co-Founder - GoMechanic). TradeCred, India's leading alternative debt platform, also participated as a debt partner with a Rs. 24 crore investment.
Battery Smart's battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60 per cent. With over 100 Swap Stations operational in the Delhi-NCR region, the company has completed 3 lakh battery swaps. According to the company, the latest funds will be utilised to strengthen its Battery Assignment Technology, scale the company's operations to service 10,000 electric vehicles, and expand to three new states by FY 2022.
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"Battery swapping addresses major deterrents to EV adoption like range anxiety, high up-front costs, and long downtimes. The funds raised will help us expand our presence pan-India, strengthen our technology, and make key hires," said Pulkit Khurana, Co-Founder of Battery Smart.
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Battery Smart currently has 1,200 active vehicles on its platform and completes 5,000 swaps daily. Battery Smart has grown exponentially and leverages data-driven methodology and superior battery telematics. According to the company, the IoT-enabled batteries on its network and the data generated are being utilised for effective network planning and ensuring EV users have access to two-minute swaps within a 1 km radius with zero wait time. Operationalised in June 2020, Battery Smart seeks to revolutionise the EV sector by making adoption of electric mobility simple, economical, and accessible through a unique partner-led model.
