Indian electric mobility startup Battery Smart has raised $65 million in Series B funding, led by global impact investor LeapFrog Investments.
Other prominent participants in the round include MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), British International Investment (BII), and Blume Ventures.
Battery Smart’s Bold Move: $65M to Scale Nationwide
Founded in 2019, Battery Smart operates a battery as a service (BaaS) model tailored for electric two- and three wheelers, offering ultra fast battery swaps in under two minutes.
This model reduces the high upfront cost of EV ownership by decoupling battery expenses, thus making electric mobility more financially viable for a wider user base, including gig workers and small businesses.
Since launching its first battery swap station in Delhi in 2020, the company has rapidly scaled its footprint to over 1,000 swap stations across 30 Indian cities.
Battery Smart reports over 35 million battery swaps completed, serving a customer base of 45,000+ active users.
“Battery Smart is removing key barriers to EV adoption across India by enabling faster, cheaper, and more accessible charging alternatives,” said Nakul Zaveri, Partner and Co-Head of Climate Investing at LeapFrog. “We believe this solution will be critical to India’s broader clean mobility transition.”
What sets Battery Smart apart is its partnership-driven expansion strategy. Instead of building infrastructure from the ground up, the company collaborates with local entrepreneurs and small businesses to deploy swap stations particularly in Tier 2 and Tier 3 cities thereby ensuring cost-effective and decentralized growth.
This funding follows a successful $33 million pre-Series B round in mid-2023, and brings the company’s total funding close to $100 million.
With this latest capital infusion, Battery Smart plans to accelerate its network expansion, enhance technology, and deepen its presence across underserved regions.
Battery Smart’s momentum reflects a broader shift in India’s transportation landscape where clean, efficient, and scalable solutions are in high demand.
The startup is poised to play a vital role in supporting India’s electrification goals and reducing urban emissions, one battery swap at a time.
