Battery Smart’s extended Series B round pushes valuation to $450 Mn

Battery Smart, a battery-swapping network for electric two and three wheelers, has raised $21 million in an extension of its Series B round, led by Rising Tide Energy, with participation from Asia Climate Fund and others.

The board at Battery Smart has passed a special resolution to issue 33,192 Series B1 CCPS at an issue price of Rs 54,407 each to raise Rs 180.5 crore or $21 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

Rising Tide Energy led the funding round with an investment of $21 million, followed by a $6 million contribution from the Asia Climate Fund. The Ecosystem Integrity Fund and Mauritius-based Acacia Inclusion Limited infused the remaining capital.

Battery Smart will use the funds for business expansion, capital expenditure, and general corporate purposes, as mentioned in its filings. According to media reports, the total size of the company’s extended Series B round is $29 million. However, filings so far reflect only $21 million, with the remaining amount expected to come in at a later stage.

As per Entrackr’s estimates, the new funding has come at a valuation of $450 million, which is over 32% higher than Battery Smart’s first tranche valuation of $340 million in the Series B round.

Battery Smart provides advanced lithium-ion batteries for electric two and three-wheelers, which can be swapped in a quick time at any of its swapping stations. Its battery-as-a-service (BaaS) solution helps customers (especially gig workers) save on high upfront costs.

The firm has raised approximately $170 million to date, including its $65 million Series B round led by MUFG Bank, Panasonic, Blume Ventures, and British International Investment (BII) last year.

While Battery Smart has yet to disclose its FY25 numbers, the company saw a three-fold jump in its revenue to Rs 164 crore in FY24 from Rs 56 crore in FY23, according to startup data intelligence platform TheKredible. Its losses grew 2.3X to Rs 140 crore in FY24 in the same period.