Battery Swapping Market Leader, Battery Smart, Raises $7 Million in Pre-Series A Round

Battery Smart, India’s largest and fastest-growing battery swapping network for electric vehicles, today announced that it 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 an INR 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%. With over 100 Swap Stations operational in the Delhi NCR region, the company has completed 3 lakh battery swaps and powered 10 million emission-free kms to date. The funds will be utilised to strengthen its Battery Assignment Technology, scale its operations to service 10,000 electric vehicles daily, and expand to three new states by FY22.  “Given the excellent product-market fit for Battery Smart in the e-Rickshaw and fleet segment, we believe that the right