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Wednesday, November 29, 2023

Indian EV firm Battery Smart secures $25M in Tiger Global-led funding round

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Battery Smart has secured $25 million in a funding round led by Tiger Global. With that, Battery Smart becomes the third Indian electric vehicle startup that has raised funds from Tiger Global.

Battery Smart, an electric vehicle (EV) battery switching firm, announced a $25 million fundraising round headed by Tiger Global, with participation from Blume Ventures and Orios Ventures. This is the third Indian EV firm to receive funding from Tiger Global, following EV manufacturers Ather Energy and Ola Electric.

Battery Smart last secured $7 million from Blume Ventures, Orios Ventures, and others in November 2021. The extra funds will be used to grow into new markets, develop its technology, and build its personnel in order to continue scaling operations, according to the business. The money comes as a result of the government’s strong interest in the battery swapping scheme.

Niti Aayog, the government research tank, presented a draft battery swapping policy last month with the goal of introducing standards for EV batteries and making them compatible. The battery-as-a-service or battery-swapping concept greatly reduces the cost of EV adoption by removing the end user’s ownership of the battery.

The battery is the most expensive component of any EV, accounting for up to 60% of the vehicle’s cost.

The battery swapping approach also eliminates range anxiety, which is the dread of driving an electric car and running out of juice without being able to find a charging station within a reasonable distance.

 Sun Mobility, located in Gurugram, and EV manufacturer Bounce are two additional major participants in the battery-swapping market.

 Pulkit Khurana, cofounder of Battery Smart, stated, “We are happy to have Tiger Global be a part of our journey to establish India’s largest EV battery swapping network. Battery swapping has the potential to significantly accelerate the country’s EV adoption by removing major barriers like as range anxiety, expensive up-front costs, and lengthy charging downtimes. With this investment, we hope to reach even more EV consumers across India by growing the number of switch stations and continuing to collaborate with OEMs and fleet operators.”

Connie Lee, partner at Tiger Global, added, “Battery Smart’s tech-powered battery-swapping network offers a new solution to support India’s increasing adoption of EVs for food delivery and ecommerce. We are thrilled to be working with Pulkit and Siddharth as they aggressively extend their presence in important areas.”

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