Inside Battery Smart: How This Tech Startup Secured $45M in Funding from Acacia Inclusion and More

Battery Smart, a burgeoning battery technology startup, has secured $45 million in fresh funding, spearheaded by a diverse consortium of investors such as Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment.

Media outlets report that Battery Smart’s valuation has surged to $341 million, marking an impressive 62.5% increase from its earlier valuation of $210 million recorded during the pre-Series B financing round in November of the preceding year.

Investment Breakdown:

The investment round witnessed Acacia Inclusion taking the lead with a substantial contribution of Rs 125 crore, followed by MUFG Bank and Blume Ventures with investments of Rs 94 crore and Rs 42 crore, respectively.

Additionally, Ecosystem Integrity Fund and British International Investment each poured in Rs 42 crore, while PC-SBI Kurashi Visionary Fund chipped in Rs 25 crore, completing the investment tally.

Purpose of Fundraising for Battery Smart

Battery Smart aims to utilize the newly acquired funds to bolster its battery-swapping services, specifically tailored to offer cutting-edge lithium-ion batteries for electric two- and three-wheelers. These batteries can be seamlessly exchanged with fully charged ones within minutes at any of Battery Smart’s swapping stations.

Established in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart’s battery-as-a-service (BaaS) solution aims to alleviate customers from the burden of hefty upfront costs.

Having already set up 1,000 swapping stations across 30 cities and completed over 35 million battery swaps, the startup is poised for further expansion.

With the infusion of fresh capital, Battery Smart seeks to extend its footprint beyond its current strongholds in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra, targeting prominent cities such as Mumbai, Bengaluru, Pune, and Kolkata.

Battery Smart faces competition from various players in the market, including Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy.