Battery Smart, a battery-swapping network for electric two- and three-wheelers, has commenced its pre-Series C funding round, securing investments totaling over $7 million from Acacia Inclusion, Blume Ventures, and PC-SBI Kurashi Visionary Fund.
The funding round involves the allotment of 12,158 pre-Series C compulsory convertible preference shares at an issue price of Rs 54,407 each, amounting to approximately $7.4 million as per regulatory filings with the Registrar of Companies.
Acacia Inclusion contributed Rs 36.3 crore, followed by PC-SBI Kurashi Visionary Fund with Rs 17.8 crore, and Blume Ventures with Rs 12 crore.
The raised capital will be used to facilitate business expansion, capital expenditure, working capital needs, and general corporate purposes for Battery Smart.
Founded to address range anxiety and upfront costs associated with electric mobility, Battery Smart offers lithium-ion batteries for quick swapping at its stations, operating on a battery-as-a-service (BaaS) model to eliminate battery ownership costs for users, especially gig economy drivers.
With a funding history of $192 million, including significant rounds like the $65 million Series B and a $29 million extended Series B, Battery Smart has attracted investments from Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.
Financially, the company reported a 52% year-on-year increase in operating revenue to Rs 249 crore in FY25, achieving operating break-even and positive EBITDA recently.
Source: Entrackr : Latest Posts