Battery-as-a-service provider startup Battery Smart has raised a pre-Series A round of $7 million led by Blume Ventures and Orios Ventures.
Green Frontier Capital, Baring Private Equity India along with notable angels like Srinivas Anumolu, K Ganesh, Niraj Singh and Amit Bhasin also participated in the round. Tradecred, an India based debt firm also contributed Rs 24 crore as debt in the same round.
The newly raised fund will be used to upgrade its Battery Technology, serve 10,000 electric vehicles daily and expand to 3 new states by FY22.
The startup already has over 100 swap stations in the Delhi NCR region and has completed 3 lakh battery swaps along with powering 10 million emission free kms.
The Delhi based company uses IoT enabled batteries and data driven methodology for effective network planning and provides users with two-minute swaps within 1 km radius and zero wait time. Currently, it claims to have 1200 active vehicles on its platform and completes 5000 swaps daily.