Battery Smart Secures $33 Million in Pre-Series B Funding Round

Battery Smart, a battery-swapping network, has raised $33 million in a pre-Series B funding round. The funding round saw participation from existing investors Tiger Global and Blume Ventures, as well as new investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII).

With this latest funding, Battery Smart has now raised over $70 million, including a $9 million debt in December 2022 and a $25 million Series A round in June last year. The company plans to utilize the added capital to expand its customer base and geographic footprint.

Battery Smart's Innovative Battery-as-a-Service Solution

Gurugram-based Battery Smart offers advanced lithium-ion batteries for electric two and three-wheelers. The company operates a network of swapping stations where customers can have their batteries swapped with fully charged ones in just two minutes. This battery-as-a-service (BaaS) solution not only provides convenience but also helps customers save on high upfront costs associated with purchasing batteries.

Since its Series A funding, Battery Smart has experienced remarkable growth, achieving a 6x increase in revenue and customer base. The company currently boasts over 600 swap stations across 25 cities and has completed more than 12 million battery swaps.

Competition and Financial Performance

Battery Smart faces competition from other players in the market such as Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, and RACEnergy. The company's revenue from operations saw a significant surge, skyrocketing 44x to Rs 7.95 crore during the fiscal year ending in March 2022. However, the firm also experienced increased losses, which rose 23-fold to Rs 13.08 crore during the same period. Battery Smart is yet to file its financial year 2023 numbers.

Tiger Global's Investment Strategy

Notably, Tiger Global has been relatively conservative with its investments in Indian startups in recent years, supporting only three companies in 2023. Battery Smart's funding round marks one of the fund's investments this year, demonstrating its continued interest in the Indian startup ecosystem.