Battery Smart raises $33 million in funding from Tiger Global, Blume Ventures, others

By Kevin Colleran On Jul 6, 2023

Battery swapping network Battery Smart on Thursday said it has raised $33 million (around Rs 272 crore) in funding that saw participation from the company’s existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).

The capital will be utilised by the company to add 1 lakh new customers to its network by 2025, and expand its geographic footprint, the company said in a statement.

“With 25,000 active customers across tier 1, 2 and 3 cities, we are keen to reinforce our ESG objectives while supporting India’s pursuit towards net-zero emissions. This investment also signifies our commitment to enhancing the livelihoods of our station partners and drivers, empowering them to play a significant role in India’s transition towards electric mobility,” Battery Smart cofounder and chief executive Pulkit Khurana stated.

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In June 2022, Battery Smart had raised $25 million in Series A funding led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.

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