Battery Smart, a battery swapping network, has secured $65 million in a funding round. This round included both primary and secondary investments and was led by LeapFrog Investments.
The Series-B funding round included contributions from both new and existing investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.
The newly raised funds will be used to drive the company's forthcoming expansion phase, it said.
"The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence," said Pulkit Khurana, co-founder and chief executive officer, Battery Smart.
Since the launch of its first swap station in the National Capital four years ago, the company has scaled to 1,000 stations across 30 cities, completing over 35 million swaps and has expanded its footprint nationwide with charging stations in tier-1, 2, and 3 cities, it stated.
"This investment is a natural fit for LeapFrog's Climate Investment Strategy, which aims to invest USD 500-million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa," said Nakul Zaveri, partner and co-head, climate investment strategy, LeapFrog Investments.
By 2030, India's vehicle count is projected to grow to 200 million two-wheelers and 12 million three-wheelers, Battery Smart said.
Elluminate Capital was the exclusive financial advisor on the funding transaction, as per the company.
(With text inputs from PTI.)
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