Battery Smart raises $15M in debt from Mirova
The fresh capital will be used to expand the company’s BaaS infrastructure and further develop its network of partner-operated stations across major urban and semi-urban regions in India.
Battery-as-a-service (BaaS) startup Battery Smart on Tuesday raised $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers.
The fresh capital will be used to expand the company’s BaaS infrastructure and further develop its network of partner-operated stations across major urban and semi-urban regions in India.
This funding arrives as BaaS adoption gains traction in the country, with companies in the sector achieving stronger product-market fit amid the rapid growth of ecommerce and quick-commerce delivery services.
As opposed to traditional charging infrastructure, BaaS enables EV users to quickly swap drained batteries for fully charged ones, minimising downtime, lowering upfront vehicle costs, and improving asset utilisation, particularly in high-demand segments like last-mile delivery and passenger transport.
“This financing marks an important step for us as we continue to scale our battery-as-a-service network across India. With Mirova’s support, we aim to accelerate network expansion and further our focus on making electric mobility more accessible, affordable, and inclusive for drivers across the country,” said Pulkit Khurana, Founder and CEO, Battery Smart.
The company last raised $21 million in a Series B funding round led by global impact fund Rising Tide Energy.
Founded by Pulkit Khurana and Siddharth Sikka, the Gurugram-based company operates over 1,518 battery swapping stations with more than 321 stations in Delhi.
According to data website Tracxn, the Tiger Global-led company has a 36% market share in the Indian battery swapping segment, as of last year.
“This transaction marks our third investment in India, thus reflecting continued commitment to supporting high-impact climate solutions in emerging markets. We are pleased to support the next phase of Battery Smart’s growth, rooted in a scalable and operationally efficient model that addresses both environmental and economic challenges, particularly in last-mile mobility, said Priyanka Mehrotra, Investment Director, Mirova Division of Natixis Investment Managers Singapore Limited.
Edited by Megha Reddy