Battery-swapping community for electric powered vehicles, Battery Smart run via way of means of Upgrid Solutions Pvt. Ltd has raised $25 million (round ₹192.five crore) in its Series A investment spherical led via way of means of Tiger Global.
The spherical noticed participation from current buyers Blume Ventures and Orios Ventures.
The clean finances could be used for geographical expansion, strengthening battery mission generation and constructing a group to preserve scaling operations, the enterprise stated in a statement.
“Battery swapping has fantastic capacity to fast-song the country’s EV adoption, because it solves essential deterrents like variety anxiety, excessive up-the front costs, and lengthy charging downtimes. With this funding, we’re targeted on bringing our services to even extra EV customers pan-India, via way of means of growing the range of Swap Stations and persevering with to accomplice with OEMs and fleet operators. We also are seeking to improve our generation for powerful community making plans and make key hires in our developing group,” stated Pulkit Khurana, co-founder, Battery Smart.
Battery Smart become installation in 2019 via way of means of IIT-Kanpur alumni Khurana and Siddharth Sikka, who’ve labored with agencies along with Shuttl, Schlumberger and Opera Solutions. Battery Smart’s battery-as-a-carrier version allows interoperable battery swapping for EVs in below mins and decreases the up-the front funding borne via way of means of a client via way of means of as much as 60%, the enterprise stated.
The enterprise has finished over 2.five million battery swaps and powered eighty million emission-unfastened kilometres, it stated.
In November 2021, Battery Smart raised $7 million in a pre-collection A spherical led via way of means of Blume Ventures and Orios Ventures, together with tremendous angel buyers.
The electric powered mobility area in India is witnessing sizable traction whilst startups conflict to draw funding amid a winning investment winter.
On 23 June EV charging community startup Statiq raised $25.7 million (over ₹2 hundred crore) in a investment spherical led via way of means of Shell Ventures.
On 24 June, electric powered mobility and electricity storage-targeted startup, Matter raised $10 million in its first spherical of investment from Info Edge’s Capital 2B Fund 1, Climate Angel Fund, amongst others.
Notably, the Indian EV area has visible hobby from more than one West Asian gamers withinside the closing couple of months. Earlier in June, Dubai-primarily based totally META4 Group stated it’s going to make investments Rs 250 crore to installation an electric powered automobile plant withinside the southern country of Telangana, marking its foray into the inexperienced mobility area withinside the country.
Similarly, Saudi Arabia-primarily based totally worldwide investor Abdul Latif Jameel dedicated to make investments as much as $220 million (round Rs 1,seven-hundred crore) in a 2-3-wheeler mobility enterprise, Greaves Electric Mobility.
Bengaluru-primarily based totally Ather Energy has additionally initiated discussions with funding banks, mulling opportunities of an preliminary public offering (IPO) withinside the close to future, VCCircle had reported.
In May, 2-wheeler mobility startup eBikeGo stated it had marked the very last near of its pre-Series A investment of $five million, once more sponsored via way of means of more than one West Asian buyers.