Gurugram-based Battery Smart, a battery swapping network for electric two- and three-wheelers, has raised about $9 million (Rs 75 crore) in funding from venture debt fund Stride Ventures, per an announcement on Thursday.
With this, the startup is looking to add to its network and expand to new cities across the nation, Stride Ventures said in a statement.
“By expanding our footprint across more cities and deploying additional batteries to our network, we aim to reach even more EV users nationwide,” said Pulkit Khurana, Co-Founder, Battery Smart.
Launched in June 2020, Battery Smart aims to revolutionise the EV sector by making electric mobility simple, economical, and accessible through a partner-led model. The model allows the company to leverage the existing infrastructure while collaborating with local businesses such as small garages and mom-and-pop shops to set up swap stations at a rapid pace.
To date, Battery Smart claims to have completed over 6 million battery swaps, set up more than 440 live swap stations, and has over 13,000 customers across 12+ cities.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from December 20-22, 2022.
