Battery Smart bags $25 million in its Series A round of funding led by Tiger Global
- ByStartupStory | June 15, 2022
EV battery swapping network Battery Smart raises $25 million in a Series A investment headed by Tiger Global. This is the Gurugram-based company’s second round of capital in the last seven months. The startup has approved a special resolution to allot 97,523 Series A CCPS at an issue price of Rs 19,819 per share in order to raise Rs 193 crore or $25 million. With Rs 154.6 crore, Tiger Global led the Series A round, followed by Catalyst Trusteeship Limited and Orios Fund with Rs 18.5 crore and Rs 20 crore, respectively.
Tiger Global holds 16% of the firm, while Catalyst Trusteeship Limited and Orios Fund each have 13.4% and 2.43%. Pulkit Khurana and Siddharth Sikka, the firm’s co-founders, now hold 41.01% of the company. This fundraising comes at a time when the electric car industry in India is building up steam, with various participants, including battery swapping firms, throwing their hats in the ring.
Battery Smart has already collected $32 million in total investment since its inception in 2019. In November 2021, it secured $7 million in a pre-series A investment headed by Orios Ventures alongside Blume and a slew of angel investors, as well as an unknown seed round in February.
The freshly obtained money will be used for capital and R&D expenses, as well as brand promotion and other general company reasons.
Battery Smart claims to be India’s fastest-growing electric two- and three-wheeler battery-swapping network. The firm, which began operations in June 2020 and now operates in ten locations, just reached a milestone of one million swaps. Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, and RACEnergy are among the company’s competitors.
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