Battery-swapping network Battery Smart has raised $33 million in a pre-Series B funding round.
The startup’s current investors Tiger Global and Blume Ventures and new investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII) participated in the round.
As a result, the company raised more than $70 million, including $9 million in debt due in December 2022 and a $25 million Series A round last June. The company will use the added capital to add 100,000 customers to its network by 2025 and expand its geographic footprint, the company said in a press release.
Gurugram-based Battery Smart offers advanced lithium-ion batteries for electric two-wheelers and three-wheelers, where batteries are exchanged for a fully charged one in just two minutes at each exchange point.
According to the company, its Batter-as-a-service (BaaS) solution helps customers save large upfront costs. Since its Series A funding, the company claims to have grown sixfold in revenue and customer base, creating a network of more than 600 exchange stations in 25 cities.
To date, the company has performed more than 12 million battery replacements and has 25,000 active customers in Tier I, II and III cities. The company competes with Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, RACEnergy, among others.
Battery Smart’s operating income grew times to Rs 7.95 billion in the financial year ending March 2022 from Rs 18,000 billion in FY21. The company’s loss also increased 23 times during the period, reaching 13.08 million kroner. The company is yet to report its FY23 numbers.
- Press Release
