Battery Smart, a Delhi NCR-based battery-swapping startup, has successfully closed its Series B funding round, raising a substantial $65 million. This news comes shortly after Inc42’s exclusive report on the startup’s fundraising endeavors. Leading the investment charge is LeapFrog Investments, with significant participation from both existing and new investors.
A Blend of New and Existing Support
This latest funding infusion comprises a combination of primary and secondary investments. Noteworthy backers include MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII), among others. The infusion of capital demonstrates a vote of confidence in Battery Smart’s vision and operational strategy.
CEO’s Vision for Growth
Pulkit Khurana, the CEO and co-founder of Battery Smart, expressed enthusiasm regarding the fresh injection of funds. He emphasized its pivotal role in propelling the company’s expansion initiatives, fortifying technological capabilities, and solidifying its market presence. The newfound financial backing is poised to fuel Battery Smart’s journey towards becoming a dominant player in the battery swapping landscape.
Past Successes and Future Prospects
Battery Smart’s journey has been marked by notable milestones. Previously, the company secured $33 million in its pre-Series B funding round and $25 million in Series A funding. These achievements underscore the confidence investors have in Battery Smart’s business model and growth trajectory.
Driving Innovation in Battery Solutions
Founded in 2020 by Pulkit Khurana and Siddharth Sikka, both graduates of IIT Kanpur, Battery Smart is at the forefront of revolutionizing battery solutions and charging infrastructure. The startup’s commitment to innovation and customer-centric service has positioned it as a leader in the Delhi NCR region, boasting the highest number of swapping stations.
Financial Performance and Market Standing
Battery Smart’s financial performance reflects its rapid growth trajectory. Operating revenue surged by an impressive 597% in FY23 compared to the previous fiscal year, reaching INR 55.4 Cr. However, with growth comes investment, as evidenced by a net loss increase of 401% to INR 64.4 Cr in FY23. Nonetheless, Battery Smart remains steadfast in its pursuit of market leadership.
Competitive Landscape
In a competitive landscape populated by players like Chargeup, Sun Mobility, and RACEnergy, Battery Smart stands out with its innovative approach and expansive network. The company’s relentless focus on delivering convenient and sustainable battery solutions sets it apart in a burgeoning market.
