Battery Smart Secures $65 Million in Series B Funding Led by LeapFrog Investments

Electric vehicle (EV) startup Battery Smart has successfully raised $65 million in a Series B funding round, with LeapFrog Investments leading the investment. The funding will be utilized to expand Battery Smart’s dense battery-swapping network across India and promote greater adoption of electric mobility. Pulkit Khurana, the Co-Founder and CEO of Battery Smart, expressed enthusiasm about utilizing the capital to accelerate expansion, enhance technology, and bolster market presence.

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• The funding round was led by LeapFrog Investments.
• Battery Smart aims to scale its battery-swapping network across India with the secured capital.
• Pulkit Khurana emphasized the importance of the funding in accelerating expansion, enhancing technology, and strengthening market presence.
• The equity round witnessed participation from both new and existing investors.
• Investors included MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.
• Battery Smart has rapidly expanded to 1,000 battery-swapping stations across 30 cities.
• Over 35 million swaps have been completed with more than 45,000 active customers.
• LeapFrog Investments views the investment as aligned with its climate investment strategy, aiming to invest in companies scaling low-carbon, low-cost technologies across growth markets in Asia and Africa.
• Battery Smart ensures EV users are within a 1 km radius of a station, with zero wait time.
• The investment reflects the growing interest and investment in innovative solutions driving the electric mobility sector forward.