Battery Smart raises $65 million, eyes expansion in major Indian cities

Battery Smart raised $65 million, valuing the company at $340 million, to expand its battery swapping services across India. CEO Pulkit Khurana announced plans to deepen operations in Mumbai and Bangalore and expand to 10 more cities, primarily in North India, within three months, aiming to cover large and tier 2 cities within 12 months. \r

The funding, led by Leapfrog Investments, will support investment in people, technology, and capital expenses. Despite reporting ₹63 crore in revenue and ₹64 crore in losses for FY 2023, Battery Smart remains committed to its growth, operating in over 30 cities with 85,000 daily swaps for 50,000 customers. \r

In July last year, they raised $33 million from notable investors.