EV startup Battery Smart raises $65 million led by LeapFrog Investments

by IANS |

New Delhi, June 11 (IANS) Electric vehicle (EV) startup Battery Smart on Tuesday said it has secured $65 million in a Series B funding round led by LeapFrog Investments.


The startup said it will use the capital to scale its dense battery-swapping network across the country and drive more electric mobility adoption.


"The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence,” said Pulkit Khurana, Co-Founder and CEO, Battery Smart.


The equity round saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment


The startup has rapidly scaled to 1,000 battery-swapping stations across 30 cities, completing over 35 million swaps with over 45,000 active customers.


“This investment is a natural fit for LeapFrog’s climate investment strategy, which aims to invest $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.


Battery Smart said it is ensuring EV users are within a 1 km radius of a station, with zero wait time.

Latest News
Justin Trudeau's praise for Diljit as 'guy from Punjab' earns rebuke from BJP Mon, Jul 15, 2024, 05:07 PM
Six killed, two seriously injured in crash in eastern Myanmar Mon, Jul 15, 2024, 05:05 PM
Hayley Matthews rejoins Melbourne Renegades ahead of WBBL season 10 Mon, Jul 15, 2024, 04:42 PM
Apple's India sales hit new high in FY24 amid increased manufacturing, premiumisation trend Mon, Jul 15, 2024, 04:36 PM
Stock markets continue upward trajectory, Nifty touches fresh all-time high Mon, Jul 15, 2024, 04:32 PM
South Korea discusses ways to bolster bilateral ties with New Zealand Mon, Jul 15, 2024, 04:30 PM
Oli thanks PM Modi, vows to take India-Nepal ties to new heights Mon, Jul 15, 2024, 04:29 PM
Calcutta HC adjourns hearing in defamation suit filed by Guv against CM Mon, Jul 15, 2024, 04:28 PM
Filmmaker Nallamuthu advocates for an Indian wildlife channel Mon, Jul 15, 2024, 04:28 PM
SC refuses to quash DA case against Karnataka Deputy CM Shivakumar Mon, Jul 15, 2024, 03:50 PM
Study shows late detection of cancer is a major concern Mon, Jul 15, 2024, 03:47 PM
24X7 coordinated patrolling by Indo-Bangla border forces to curb crimes, infiltration Mon, Jul 15, 2024, 03:46 PM
Sridhar Vembu on developing talent, addressing 'power imbalance' at Indian workplaces Mon, Jul 15, 2024, 03:45 PM
Delhi court extends Manish Sisodia's judicial custody till July 22 Mon, Jul 15, 2024, 03:41 PM
Yemen's Houthis claim attacks on Israeli ship, city Mon, Jul 15, 2024, 03:22 PM