Battery Smart, a battery swapping network for electric vehicles, on November 9 announced that it raised a Pre-Series A round of $7 million.
The funding round, said a press release, was led by Blume Ventures and Orios Ventures, along with investments from Green Frontier Capital, Baring Private Equity India, and some notable angels.
Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles in less than two minutes and reduces the up-front investment borne by a consumer by up to 60 per cent. With over 100 swap stations operational in the Delhi NCR region, the company has completed three lakh battery swaps, added the release.
“Battery swapping addresses major deterrents to EV adoption like range anxiety, high up-front costs, and long downtimes. The funds raised will help us expand our presence pan-India, strengthen our technology, and make key hires,” said Mr Pulkit Khurana, Co-Founder of Battery Smart.
