Battery Smart
 | |
| Company type | Private |
|---|---|
| Industry | Electric vehicle battery-swapping |
| Founded | November 2019 |
| Founders | Pulkit Khurana, Siddharth Sikka |
| Headquarters | |
Area served | 25 cities |
Battery Smart is an EV battery-swapping company headquartered in Gurugram, Haryana.[1][2]
History[edit]
Battery Smart was established by Pulkit Khurana and Siddharth Sikka, both serial entrepreneurs and graduates of IIT-Kanpur.[3][4] The company was initially known as Upgrid Solutions when it began in November 2019.[5] Commencing operations in June 2020, Battery Smart opened its first swap station in Janakpuri, Delhi.[6]
In February 2021, the company announced its Seed-Round funding, with Orios Venture Partners leading the investment.[6] In November 2021, the company raised $7 million in a pre-Series A funding round, with backing from Blume Ventures and Orios Ventures. Following this, in January 2022, the company forged a partnership with Zypp Electric to integrate 2000 Zypp Electric two-wheelers into their battery-swapping network.[6][7]
As of December 2022, the company had set up over 750 swap stations and was operational in 25 cities,[8] including Varanasi, Agra, Lucknow, Jaipur, Meerut, and Kanpur.[9]
The company also formed partnerships with Zomato,[10] and Tata Power Delhi Distribution Limited (DDL), a major power distribution company serving North Delhi, to set up battery swap stations for electric two- and three-wheelers in the region.[11]
Funding[edit]
In November 2021, Battery Smart secured $7 million in pre-Series A funding from investors like Blume Ventures and Orios Ventures.[12]
In June 2022, the company obtained $25 million in Series A funding led by Tiger Global, with participation from Blume Ventures and Orios Ventures.[13] Also, venture debt fund Stride Ventures invested Rs 75 crore.[14]
In 2023, Battery Smart raised $33 million in a pre-Series B round with participation from existing investors, including Tiger Global and Blume Ventures, as well as new investors like the Ecosystem Integrity Fund and British International Investment.[15]
References[edit]
- ^ "Battery Smart FY22 Revenues at Rs 7.95 Crore, Stations Cross 500 Mark - Saur Energy International". www.saurenergy.com.
- ^ Shruti, Sonal (2022-07-22). "Tiger Global-backed Battery Smart needs to get smarter about swapping". The Ken.
- ^ "Indian EV battery-swapping network eyes $50m in funding". Nikkei Asia.
- ^ "Bright future for battery swapping, 45,000 customers in the waiting list | Auto - Times of India Videos". The Times of India.
- ^ Ashrafi, Md Salman (2023-03-21). "Unpacking Battery swapping startup Battery Smart's FY22 numbers". Entrackr.
- ^ a b c "Battery Smart targets new customers and cities". Autocar Professional.
- ^ "Battery Smart announces partnership with Zypp Electric". Manufacturing Today India.
- ^ Takkar, Rhydhm. "Battery Smart planning to expand network to 35 cities by December 2023 - ET EnergyWorld". The Economic Times.
- ^ "Battery Smart completes 10 million swaps for 2, 3-wheelers - ET Auto". ETAuto.com.
- ^ www.ETAuto.com. "Zomato and Battery Smart join to promote green last-mile deliveries - ET Auto". ETAuto.com.
- ^ "Tata Power Delhi Distribution partners with Battery Smart". mint. 2022-03-15.
- ^ Pradeep, Sethu (2021-11-09). "EV Battery Swapping Startup Battery Smart Raises $7 Mn". Inc42 Media.
- ^ Kaur, Jaspreet (2022-06-27). "Battery Smart Raises $25 Mn To Partner With OEMs And Fleet Operators". Inc42 Media.
- ^ Chandak, Pooja (2022-12-28). "Stride Ventures Invest Rs 75 Crore In Battery Smart". EMobility+.
- ^ "Battery Smart raises $33 million". The Times of India. 2023-07-07. ISSN 0971-8257.