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Battery Smart raises $65 million at $340-million valuation
Update / Judgement Date
10 Jun 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Valuation
Battery Smart, an Indian firm focusing on electric vehicle (EV) charging infrastructure, raised a total of $45 million, with Rs 376 crore in primary funding and the remainder in secondary sales.\r
LeapFrog, MUFG Bank, and PC-SBI Kurashi Fund are among the new investors, while existing investors like British International Investment and Blume Ventures increased their investments. Nakul Zaveri from LeapFrog stated that the investment aligns with their climate investment strategy aimed at scaling low-carbon technologies in Asia and Africa. \r
Battery Smart plans to expand to 10 more locations, including eastern UP, Bihar, Punjab, and northeastern states. \r
Despite reporting Rs 63 crore revenue and a loss of Rs 64 crore in FY23, it achieved a 200% revenue growth in FY24 and anticipates Ebitda profitability in FY25 with a 2x revenue growth.
