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Delhi-based EV battery-swapping startup, Battery Smart has announced that they have closed the series-A funding round. In this round, Battery Smart has raised $25 Million in funding from American Investment firm, Tiger Global. Besides Tiger Global, Blume Ventures & Orios Ventures also joined as part of this investment.
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In November last year, Battery Smart raised $7 Million in its pre-series A round with notable angel investors from Blume Ventures and Orios Ventures. After Ather Energy and Ola Electric, Battery Smart is the third Indian EV startup in which this Tiger global has invested.
According to the company official, the additional funds would be utilised to increase operations & cover the new market segments, improve their technology, and grow the workforce.
Government interest in the battery swapping strategy has probably been a key catalyst to the investment. A battery swapping strategy was released last month by the government think tank Niti Aayog to standardise EV batteries and make them interchangeable.
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The battery-as-a-service or battery-swapping concept drastically lowers the cost of EV adoption by removing the end user's ownership of the battery. A car's battery can cost up to 60% of the price of the vehicle, making it the most expensive part of any EV. Range anxiety, or the worry that you'll be driving an electric car and run out of juice before you can find a charging station within range, is also eliminated by the battery swapping model.
Battery Smart Co-Founder Pulkit Khurana said, "We are excited to have Tiger Global be a part of our mission to establish India's largest EV battery swapping network. Battery swapping eliminates fundamental barriers to EV adoption in the country, including range anxiety, high initial costs, and protracted charging periods. By expanding the number of swap stations and maintaining our partnerships with OEMs and fleet operators, we hope to reach even more EV users across all of India with our products.
