Battery Smart Raises USD 21 Mn in Series B Extension Led by Rising Tide Energy The company plans to use the funds to expand operations into new markets and strengthen its presence in existing cities.

Battery swapping startup Battery Smart has secured an additional USD 21 million in an ongoing Series B funding round, led by global impact fund Rising Tide Energy, with participation from ResponsAbility Asia Climate Fund, Acacia Inclusion Ltd, and Ecosystem Integrity Fund.

The company plans to use the funds to expand operations into new markets and strengthen its presence in existing cities.

Founded in 2019 by Pulkit Khurana and Siddharth Sikka, the Gurugram-based startup offers lithium-ion battery swapping services for electric two- and three-wheelers.

With a growing network of over 1,518 battery swapping stations, including 321 in Delhi, Battery Smart's "quick-swap" model allows EV users to replace depleted batteries with fully charged ones in minutes—eliminating downtime and improving vehicle utilization.

According to the Registrar of Companies (RoC) filings, Battery Smart's board approved the issuance of 33,192 Series B1 CCPS at INR 54,407 per share to raise approximately INR 180.5 crore (USD 21 million). Rising Tide Energy alone invested nearly INR 106 crore, followed by ResponsAbility (INR 51 crore), Ecosystem Integrity Fund (INR 12.9 crore), and Acacia Inclusion with the remaining amount.

The startup's Battery-as-a-Service (BaaS) model significantly reduces upfront costs for users, making it an ideal solution for sectors such as last-mile delivery and shared mobility. Battery Smart currently commands a 36% market share in India's battery swapping segment, as per Tracxn.

The company's Series B round is expected to total USD 29 million, with remaining investments anticipated soon. So far, Battery Smart has raised approximately USD 170 million in funding, including a USD 65 million round in 2023 backed by MUFG Bank, Panasonic, Blume Ventures, and British International Investment (BII).