India’s electric mobility ecosystem continues to attract investor interest as infrastructure startups scale solutions for commercial EV adoption. Battery Smart, a battery-swapping network for electric two- and three-wheelers, has initiated its pre-Series C funding round and raised over $7 million from a group of investors.
Investors Back Expansion of Battery Swapping Infrastructure
According to regulatory filings with the Registrar of Companies, the company’s board approved the allotment of 12,158 pre-Series C compulsory convertible preference shares at an issue price of ₹54,407 each, raising ₹66 crore (around $7.4 million).
Acacia Inclusion led the round with an investment of ₹36.3 crore, followed by PC-SBI Kurashi Visionary Fund with ₹17.8 crore, while Blume Ventures invested ₹12 crore. The company plans to use the funds for business expansion, capital expenditure, working capital, and other corporate purposes.
Battery-as-a-Service Model Targets EV Cost and Range Challenges
Battery Smart operates a battery-as-a-service model that allows electric two- and three-wheelers to swap lithium-ion batteries at dedicated stations within minutes. The model helps gig economy drivers and fleet operators avoid the high upfront cost of battery ownership while reducing vehicle downtime.
Since inception, the company has raised approximately $192 million, including its $65 million Series B round and a $29 million extended Series B round, with investors such as Tiger Global and Ecosystem Integrity Fund.
Battery Smart reported operating revenue of ₹249 crore in FY25, a 52% increase from ₹164 crore in FY24, and recently achieved operating break-even with EBITDA profitability.
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