Venture debt fund Stride Ventures has invested Rs 75 crore in Battery Smart, a battery swapping network for electric two and three-wheelers.
The Gurugram-based startup recently received funds from another venture debt firm BlackSoil. With the new round, the startup is looking to add more batteries to its network and expand to new cities across the nation, the company said in a press release.
Three-year-old Battery Smart is a battery-swapping startup that provides advanced lithium-ion batteries for electric two and three-wheelers where batteries are swapped with fully charged ones in just two minutes at any of its swapping stations.
Battery Smart’s battery-as-a-service solution helps customers to save high upfront costs.
To date, the startup claims to have completed over 6 million battery swaps, set up over 440 live swap stations, and has more than 13K customers across 12 cities.
Batter Smart has raised more than $40 million including a $25 million Series A round led by Tiger Global in June this year. Entrackr had exclusively reported the development.
Stride Ventures has invested in close to 100 companies, sanctioning around $400 million across sectors like OEMs, EV Financing, infrastructure, and mobility solutions as the space is attracting significant financing and funding interest in 2022. Its portfolio companies include Infra.Market, Mensa, Arya, Medika Bazaar, Spinny, MyGlamm, Zetwerk, and Bizongo among others.
In August 2022, Stride Ventures announced the final close of its second fund at $200 million.