Exclusive: Battery Smart kicks off pre-Series C funding round

Battery Smart, a battery-swapping network for electric two- and three-wheelers, has initiated its pre-Series C funding round. While the size of the round is unknown, Acacia Inclusion, Blume Ventures and PC-SBI Kurashi Visionary Fund have already invested over $7 million.

According to its regulatory filings with the Registrar of Companies, the board of Battery Smart has passed a special resolution to allot 12,158 pre-Series C compulsory convertible preference shares at an issue price of Rs 54,407 each for Rs 66 crore (approximately $7.4 million).

Acacia Inclusion led the round with an investment of Rs 36.3 crore, followed by PC-SBI Kurashi Visionary Fund with Rs 17.8 crore, while Blume Ventures joined the pre Series C round with Rs 12 crore.

The proceeds will be used to support business expansion, capital expenditure, working capital requirements, and other general corporate purposes, as per filings.

Battery Smart declined to comment on the story.

Founded to address range anxiety and high upfront costs associated with electric mobility, Battery Smart offers lithium-ion batteries for electric two- and three-wheelers that can be swapped within minutes at its network of swapping stations. Through its battery-as-a-service (BaaS) model, the company enables users, particularly gig economy drivers, to avoid the upfront cost of owning batteries.

To date, Battery Smart has raised around $192 million in funding, including its $65 million Series B round and $29 million extended Series B round. Its cap table includes prominent investors such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.

On the financial front, the company reported a 52% year-on-year increase in operating revenue to Rs 249 crore in FY25, up from Rs 164 crore in FY24. In a recent announcement, Battery Smart also stated that it has achieved operating break-even and turned EBITDA positive.