EV startup Battery Smart has announced that it has raised $25 million in their Series A funding round. Tiger Global along with Blume Ventures & Orios Ventures have invested in the Delhi-based startup.
The EV wave is the latest that has taken over the venture capitalism world. Government think tank NITI Aayog had recently released a battery swapping strategy that emphasised on ‘Finance’ for Better EV Future. The inclusion of Battery Smart makes it the 3rd Indian EV startup to be invested by Tiger Global, along with Ather Energy and Ola Electric.
As per the company’s statement, the latest funds will be used to increase operations, expand the workforce, improve technology and increase the brand’s presence in new market segments.
According to various sources, the battery-as-a-service or battery-swapping strategy has the potential to drastically lower 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. Yet the battery swapping can be utilised to balance the books.
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.
He also added that by expanding the number of swap stations and maintaining our partnerships with OEMs and fleet operators, the company, which was founded in 2019, hopes to reach even more EV users across all of India with our products.