Decoding Battery Smart’s latest funding round, valuation and shareholding

Battery swapping network Battery Smart had raised $33 million in a pre-Series B funding round in July with a plan to utilize the capital to add 100K customers to its network by 2025, and expand its geographic footprint.

While the company did not disclose details of the funding, TheKredible sifted through their RoC filings to decode every aspect of the round including  break-up, shareholding structure and post-money valuation.

The board at Battery Smart passed a special resolution to issue 96,307 pre-Series B CCPS at an issues price of Rs 19,819 per share to Tiger Global, Blume Ventures and Stride Ventures, and 29,010 pre-Series B CCPS at 28,419 per share to The Ecosystem Integrity Fund and British International Investment to raise a total of Rs 273.31 crore or $33 million.

Existing backer Tiger Global spearheaded the funding round with an infusion of around $19.91 million followed by The Ecosystem Integrity Fund which poured in $7 million. Blume Ventures and British International Investment invested $3 million each while the remaining amount came from Stride Ventures.

Following the fresh capital infusion, Battery Smart has been valued at around $210 million, as per TheKredible. Previously, the company was valued at around $126 million while it marked over 65% growth in valuation with this latest fundraise.

The company has raised around $75 million to date from the likes of Orios Venture Partners,  Shimshon Finance, Baring Private Equity Partners, and more.

Post allotment of the round, Tiger Global became the largest stakeholder in the company with 26.3% shares. Co-founders Pulkit Khurana and Siddharth Sikka command 16.31% stakes each. Further, Blume Ventures and Orios Ventures also own a significant stake in the company. Get complete details here.

Gurugram-based Battery Smart 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. According to the company, its battery-as-a-service (BaaS) solution helps customers to save high upfront costs.

The company’s revenue from operations jumped 7X to Rs 55.8 crore during the last fiscal (FY23) as compared to Rs 7.95 crore in FY22. As per Thekredible, its losses soared 4.9X to Rs 64.51 crore during FY23 from Rs 13.08 crore in FY22.

The company competes with Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, RACEnergy, among others.