Battery Smart secures $15 million to expand EV battery swapping network in India

Battery Smart has raised USD 15 million in debt funding from Mirova to expand its battery-as-a-service (BaaS) infrastructure across India. The company plans to use the funds to strengthen its presence in key urban and semi-urban markets. This move aims to support the rollout of additional battery-swapping stations and improve access for electric vehicle (EV) users.

Key Highlights

• Battery Smart raised USD 15 million from Mirova to expand its battery-swapping network
• The company operates over 1,600 partner-led stations across 50 Indian cities
• Battery swaps take about two minutes, reducing downtime for electric vehicle users
• FY26 net profit reached Rs 697 crore, an 18.6 percent increase year-over-year.

Funding to Accelerate Network Expansion

The new funding will help Battery Smart scale its partner-led station network. The company operates a BaaS model that lets EV drivers swap depleted batteries for fully charged ones within minutes. This reduces downtime and lowers the upfront cost of vehicle ownership. The model targets high-utilization segments, such as last-mile delivery and passenger mobility, where uptime and operating costs are critical.

Since launching its first partner-led station in New Delhi in June 2020, Battery Smart has grown to over 1,600 stations across 50 cities. Its network enables battery swaps in about two minutes, helping drivers maintain continuous operations. The company aims to accelerate expansion and make electric mobility more accessible and affordable with Mirova’s support.

Impact on India’s Electric Mobility Sector

India’s electric mobility ecosystem is evolving, with battery swapping emerging as a key enabler for faster EV adoption. This is especially important for commercial and gig economy applications. Battery Smart’s approach addresses both environmental and economic challenges in last-mile mobility.

According to Mirova, the investment reflects a continued focus on climate solutions in emerging markets. The company’s revenue growth was driven by strong demand from original equipment manufacturers (OEMs) and the ramp-up of greenfield facilities. Sequential volume growth was in high single digits, supported by market share gains and improved distribution execution.

For the full year FY26, Battery Smart reported a net profit of ₹697 crore, marking an 18.6% increase year-on-year. The company’s expanding network and financial performance highlight its growing role in India’s shift toward electric mobility.

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CarBike 360 Says

Battery Smart’s latest funding round marks a significant step toward strengthening India’s EV ecosystem, particularly in the last-mile mobility space. By expanding its battery swapping network, the company is addressing key barriers like charging time and infrastructure gaps. As adoption grows, such innovations will play a crucial role in making electric mobility more practical, scalable, and accessible across the country.