Battery Smart Secures $45 Million in Funding Led by Acacia Inclusion Ltd
- ByStartupStory | May 17, 2024
Battery Smart, a leading provider of battery-swapping services for electric vehicles, has raised Rs 376 crore ($45 million) in a Series B funding round. The round was led by Acacia Inclusion Ltd and saw participation from several new and existing investors.
New investors in the round included Acacia Inclusion Ltd, MUFG Bank, and PC-SBI Kurashi Fund. Existing investors Blume Ventures, British International Investment, and Ecosystem Integrity Fund also increased their stakes in the company. According to documents filed with the Registrar of Companies, Acacia Inclusion led the round with an investment of Rs 125 crore. MUFG Bank contributed Rs 94 crore, and PC-SBI Kurashi Fund invested Rs 25 crore. British International Investment put in Rs 49 crore, while Blume Ventures and Ecosystem Integrity Fund each invested Rs 42 crore.
Battery Smart, co-founded in 2019 by Pulkit Khurana and Siddharth Sikka, provides battery-as-a-service solutions primarily for two- and three-wheeler electric vehicles. The company claims its battery-swapping technology enables a quick two-minute swap, significantly reducing downtime for vehicle operators. Most of the company’s revenue comes from electric three-wheelers, predominantly driver-owned, with the remainder from two-wheelers used mainly for commercial purposes.
Currently operating in 25 cities across northern India, from Rajasthan to Eastern Uttar Pradesh, Battery Smart plans to use the newly raised funds to expand its services into major cities such as Mumbai, Bengaluru, Pune, and Kolkata.
In a previous funding round in July 2023, Battery Smart raised $33 million from investors including Tiger Global, Blume Ventures, Ecosystem Integrity Fund, and British International Investment. At that time, Khurana hinted that this was part of a larger fundraising effort but did not provide further details.
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