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Tuesday, May 21, 2024

Network for Swapping EV Batteries 33 Million Dollars Raised by Battery Smart; Details Here


<p>Network for changing EV batteries Battery Smart said on Thursday that it has secured $33 million in Pre-Series B investment, which it would use to expand its geographic reach and add 100,000 new consumers to its network by the year 2025.</p>
<p>The Ecosystem Integrity Fund (EIF) and British International Investment (BII) joined current investors Tiger Global and Blume Ventures as well as new investors in the round to invest in Battery Smart.<img decoding=”async” class=”alignnone wp-image-63219″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-network-for-swapping-ev-batteries-33-million-dollars-raised-by-battery-smart-details-here-download-2023-07-08t174618.786.jpg” alt=”” width=”1398″ height=”1047″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-network-for-swapping-ev-batteries-33-million-dollars-raised-by-battery-smart-details-here-download-2023-07-08t174618.786.jpg 259w, https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-network-for-swapping-ev-batteries-33-million-dollars-raised-by-battery-smart-details-here-download-2023-07-08t174618.786-150×112.jpg 150w” sizes=”(max-width: 1398px) 100vw, 1398px” /></p>
<p>With 25,000 active customers in tier 1, tier 2, and tier 3 cities, Battery Smart is eager to strengthen its environmental, social, and corporate governance (ESG) goals and help India’s effort to achieve net-zero emissions.</p>
<p>Battery Smart received $25 million in Series A fundraising in June 2022 from Tiger Global, Blume Ventures, and Orios Ventures.</p>
<p>Since then, the business has seen a six-fold increase in income and client base, building a comprehensive network of more than 600 battery swap stations spread over 25 cities.</p>
<p>The business claimed to have completed more than 12 million battery swaps and aims to treble that figure.</p>
<p>Deep Varma, Head of Singapore for Tiger Global, stated, “We are pleased to continue investing in the whole Battery Smart team and their aim to simplify and accelerate the adoption of electric vehicles and, therefore, sustainable transportation.</p>
<p>According to the business, the battery-as-a-service concept allows for interoperable battery changing for two- and three-wheeler EVs in less than two minutes and lowers the upfront expenditure paid by a customer by up to 40%.</p>
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