Battery Smart’s Latest Funding Round
Battery-as-a-service startup Battery Smart has raised $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers, on Tuesday. The capital will be directed towards expanding the company’s BaaS infrastructure and developing its network of partner-operated stations across India’s urban and semi-urban regions.
Details
The investment comes at a time when BaaS adoption is accelerating in India, driven by the growth of ecommerce and quick-commerce delivery services. Battery Smart’s BaaS model allows for quick battery swaps, reducing downtime and initial vehicle costs, and enhancing asset utilization. Pulkit Khurana, Founder and CEO of Battery Smart, stated, “This financing marks an important step for us as we continue to scale our battery-as-a-service network across India.”
Company Background
Founded by Pulkit Khurana and Siddharth Sikka, Battery Smart is based in Gurugram and operates over 1,518 battery swapping stations, with more than 321 stations in Delhi alone. The company has a 36% market share in the Indian battery swapping segment, as of last year, and has previously raised $21 million in a Series B funding round led by Rising Tide Energy.
Market Context
This funding round is significant as it reflects the growing interest in sustainable energy solutions, particularly in the electric vehicle sector. The decision to invest in Battery Smart’s scalable and operationally efficient model addresses both environmental and economic challenges, especially in last-mile mobility. Priyanka Mehrotra, Investment Director at Mirova, highlighted their commitment to supporting high-impact climate solutions in emerging markets.
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Source: YourStory