Battery Smart, a Delhi NCR-based EV startup has successfully secured $65 million in its series B funding round led by LeapFrog investments. This equity round had investors including Panasonic, Blume Ventures, British International Fund, British International Investment, MUFG Bank, and The Ecosystem  Integrity Fund. The MUFG bank previously invested Rs 93.56 crore in the seed funding round of the  startup. 

This series B round was a mix of primary and secondary investments. The CEO and co-founder of  Battery Smart, Pulkit Khurana highlighted that the fresh capital raised from this round will be used to  increase its network, enhance technologies, and solidify its position in the market. Blue Ventures is  one of the largest stakeholders of the startup with a 14.44 percent stake followed by Acacia Inclusion  with a 9.83 percent stake. The firm also reported an increase in its valuation from $210 million last  year to $341 million this fiscal year. Battery Smart provides EVs with a swappable battery that can be charged at stations or swapped when damaged in the swapping station. 

The startup plans to use these fresh proceeds on market expansion, enhancing its technology, and  meeting market needs. The series B round came after the startup raised $33 million in its pre-series  round. The firm has scaled up and expanded across 30 cities with 1,000 swapping stations and has done over 35 million battery swaps since its inception. The partner of LeapFrog Investments, Nakul  Zaveri mentioned that the investment aligns with their investment strategy.  

The company is aiming to invest around $500 million in innovative companies to scale new low-cost  technologies, and low-carbon technologies and grow them in the EV market across Asia and Africa.  Battery Smarts claims to offer EV users zero waiting time if they are within a 1 km radius of the EV  station. This firm competes with other EV and battery tech startups including RACEnergy, Sun Mobility,  and Lithium Power, among others. 

Conclusion: 

Delhi NCR-based EV startup, Battery Smart has successfully secured $65 million in the series B funding round led by LeadFrog investments. Battery Smart was previously said to have raised a valuation of $341 million. This equity round had investors including Panasonic, Blume Ventures, British  International Fund, British International Investment, MUFG Bank, and The Ecosystem Integrity Fund. Pulkit Khurana highlighted that the fresh capital raised from this round will be used to increase its  network, enhance technologies, and solidify its position in the market. Battery Smart providesits users  with an advanced swappable Lithium-ion battery for 2 and 3-wheeler EVs. The batteries can be  swapped at the swapping station after drainage of existing batteries. The series B round came after the  startup raised $33 million in its pre-series round. The firm has scaled up and expanded across 30 cities  with 1,000 swapping stations and has done over 35 million battery swaps since its inception. This  equity round was a mix of primary and secondary investments