Battery Smart, a growing battery swapping network for electric vehicles, has secured $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers. The funding marks another step in the company’s efforts to strengthen its presence in India’s evolving electric mobility ecosystem.
The newly raised capital will primarily be used to expand the company’s battery-as-a-service infrastructure. A significant portion will also go toward strengthening its network of partner-led swapping stations, especially in urban and semi-urban markets where demand for electric mobility solutions is rising steadily.
Building a Faster and More Accessible EV Ecosystem
Founded by Pulkit Khurana, Battery Smart focuses on simplifying electric vehicle usage by addressing one of its biggest challenges, charging time. The company enables EV users to swap depleted batteries for fully charged ones within minutes, eliminating long waiting periods associated with traditional charging methods.
This approach not only reduces downtime for drivers but also lowers the upfront cost of owning an electric vehicle. By separating the battery cost from the vehicle purchase, the company makes EV adoption more affordable, particularly for gig workers and small fleet operators who depend on daily earnings.
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Expanding Reach Across Cities and Communities
Battery Smart has built a strong operational footprint across the country. It currently operates more than 1,600 partner-led swapping stations spread across 50 cities. Its network is designed to support last-mile delivery services and passenger mobility segments, which are among the fastest-growing areas in the EV market.
The latest funding will help the company deepen its reach in existing markets while also enabling entry into new locations. Improving accessibility to battery swapping services is expected to play a key role in supporting gig economy workers and fleet operators who rely on efficient and cost-effective mobility solutions.
Backing from Established Global and Domestic Investors
Over time, Battery Smart has attracted backing from several well-known investors. The company has raised around $192 million to date, including a $65 million Series B round and a $29 million extended Series B round.
Its investor base includes names such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund. The continued support from institutional investors highlights confidence in the company’s business model and its potential to scale within India’s electric mobility sector.
Strong Financial Growth and Profitability Milestone
Battery Smart has also shown solid financial progress alongside its operational expansion. The company reported a 52 percent year-on-year increase in operating revenue, reaching Rs 249 crore in FY25 compared to Rs 164 crore in FY24.
In addition to revenue growth, the company recently announced that it has achieved operating break-even and turned EBITDA positive. This milestone indicates improved cost efficiency and a more sustainable business model as it continues to scale.
Driving the Future of Electric Mobility
With the latest infusion of debt funding, Battery Smart is positioning itself to accelerate the adoption of electric vehicles by making battery access more convenient and affordable. Its focus on a partner-led model allows for rapid expansion while maintaining operational flexibility.
As demand for electric mobility continues to grow, particularly in last-mile logistics and urban transport, battery swapping is emerging as a practical alternative to traditional charging infrastructure. Battery Smart’s ongoing expansion and improving financial performance suggest that it is well-placed to play a significant role in shaping this segment of the EV market.
The company’s strategy of combining technology, accessibility, and cost efficiency reflects a broader shift toward scalable and user-friendly solutions in India’s transition to cleaner transportation.
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