EV battery swapping network Battery Smart has raised $25 million in a Series A round led by Tiger Global. This is the second round of funding for the Gurugram-based company in the past seven months.
The company has passed a special resolution to allot 97,523 Series A CCPS at issue price of Rs 19,819 per share to raise Rs 193 crore or $25 million, its regulatory filings with the RoC show.
Tiger Global led the Series A round with Rs 154.6 crore while Catalyst Trusteeship Limited and Orios Fund participated with Rs 18.5 crore and Rs 20 crore, respectively.
Following the allotment of this round, Tiger Global owns a 16% stake in the company whereas Catalyst Trusteeship Limited and Orios Fund hold 13.4% and 2.43%, respectively. The company’s co-founders Pulkit Khurana and Siddharth Sikka now collectively own 41.01%.
This fundraise comes at a time when the electric vehicle space is picking up pace in India with multiple players throwing their hats into the ring including battery swapping companies.
With this funding, Battery Smart has raised $32 million since the company started in 2019. It had raised $7 million in a pre-series A round led by Orios Ventures along with the participation of Blume and a clutch of angel investors in November 2021 and an undisclosed seed round in February.
Battery Smart will use the newly-raised funds to meet capital and R&D expenditures along with brand promotion and other general corporate purposes, the company said in the filings.
As per Fintarckr’s estimates, Batterysmart’s valuation jumped 11X to $126 million or Rs 970 crore post allotment of the Series A round.
Battery Smart claims to be India’s fastest-growing battery-swapping network for electric two and three-wheelers. Launched in June 2020, the company operates in 10 cities and recently crossed one million swaps. The company competes with Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, RACEnergy, among others.
While Battery Smart is yet to file annual results for FY22, BatterySmart was in pre-revenue stage in FY21 with operating revenue of Rs 18 lakhs whereas its losses stood at Rs 57 lakhs, as per its annual financial statement filed with the Registrar of Companies (RoC).