Battery Smart, a Delhi NCR-based battery tech startup, has raised $45 million in a Series B funding round. Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment led the investment. This funding will propel Battery Smart’s expansion and business growth.
According to regulatory filings, the board approved issuing 87,113 Series B CCPS at INR 43,203 each, raising INR 376.35 crore ($45 million). Acacia Inclusion led with INR 124.75 crore, followed by MUFG Bank with INR 93.56 crore, Blume Ventures with INR 41.58 crore, Ecosystem Integrity Fund with INR 41.58 crore, and British International Investment with INR 49.90 crore. PC-SBI Kurashi Visionary Fund contributed INR 24.94 crore.
Post-allotment, Blume Ventures holds a 14.43 percent stake, Acacia Inclusion commands 9.83 percent, and Ecosystem Integrity has 6.56 percent. The Gurugram-based battery tech company’s valuation has surged to INR 2,830 crore ($341 million), a 62.5 percent increase from its pre-Series B valuation of $210 million last November.
Battery Smart’s Ongoing Fundraising Efforts
The Battery tech startup anticipates further fundraising, which could affect its valuation. Previously, the startup raised $33 million in a pre-Series B round last July and over $120 million from investors like Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.
Battery Smart specializes in advanced lithium-ion batteries for electric two and three-wheelers. Their battery-as-a-service (BaaS) model allows quick battery swaps at numerous stations in the battery tech sector, significantly reducing customer upfront costs.
Since its inception in 2020, Battery Smart has expanded to 1,000 swapping stations across 30 cities, completing over 35 million battery swaps. Operating in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra, the company reported a seven-fold revenue increase to INR 55.8 crore for FY23, up from INR 7.95 crore in FY22. However, losses also increased to INR 64.51 crore from INR 13.08 crore.
Battery Smart faces competition from companies like Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy.
Battery Smart’s latest funding round marks a significant milestone in its growth trajectory. With solid backing from prominent investors and innovative solutions, the company is well-positioned to continue leading in the battery tech industry.
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