Original article published on India Today
Author: Pratik Rakshit
Battery Smart will utilize the funds to strengthen its battery assignment technology, scale its operations to service 10,000 electric vehicles daily, and expand to three new states by FY’22.
Highlights
Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles in under two minutes.
With over 100 swap stations operational in the Delhi-NCR region, the company completed 3 lakh battery swaps and powered 10 million emission-free km 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 FY’22.
Battery Smart, a battery swapping network for electric vehicles, announced 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 also participated as a debt partner with a Rs 24 crore investment.
Pulkit Khurana, co-founder, Battery Smart said, “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.”
Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles 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 and powered 10 million emission-free km to date. The funds will be utilized to strengthen its battery assignment technology, scale its operations to service 10,000 electric vehicles daily, and expand to three new states by FY’22.
The data-driven methodology and battery telematics enabled Battery Smart to grow. The IoT-enabled batteries on its network and the data generated are being utilized for network planning and ensuring EV users have access to two-minute swaps within a 1km radius with zero wait time. The company currently has 1,200 active vehicles on its platform and completes 5,000 swaps daily.
Photo: (L-R) Siddharth Sikka, co-founder, and Pulkit Khurana, co-founder, Battery Smart with their battery swapping unit in Delhi-NCR.