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Acacia Inclusion leads $45 million funding in Battery Smart

Economic Times

Economic Times · 1y ago

Acacia Inclusion leads $45 million funding in Battery Smart

Battery Smart, a battery-swapping services provider, has raised Rs 376 crore ($45 million) in funding from investors including Acacia Inclusion, MUFG Bank, Blume Ventures, Ecosystem Integrity Fund, PC-SBI Kurashi Fund, and British International Investment. Acacia Inclusion led the funding round with an investment of Rs 125 crore. The Delhi-based company plans to expand its battery-as-a-service offering beyond its current presence in 25 cities. Battery Smart provides two-minute battery-swapping facilities for electric two- and three-wheelers, with a focus on serving commercial customers.

Related News

Exclusive: Battery Smart To Raise $45 Mn From Acacia, MUFG, Existing Investors

Inc42 · 1y ago

Exclusive: Battery Smart To Raise $45 Mn From Acacia, MUFG, Existing Investors

Delhi-based battery-swapping startup Battery Smart is set to raise around INR 376.3 crore (approximately $45 million) in a Series B funding round. Both existing and new investors, including Acacia Inclusion Ltd, MUFG Bank, and Panasonic-Kurashi Fund, will participate in the investment. Following the funding, Battery Smart is valued at approximately $350 million. The capital raised will be used for business growth and expansion. Battery Smart offers battery swapping solutions and charging infrastructure in Delhi NCR and competes with other players such as Chargeup and Sun Mobility in the battery swapping space.

Battery Smart raises $21M in ongoing Series B funding round

YourStory

YourStory · 1m ago

Battery Smart raises $21M in ongoing Series B funding round

Battery Smart, a battery swapping startup, raised an additional $21 million in its ongoing Series B funding round led by Rising Tide Energy. The total Series B round is expected to be $29 million. Other contributors include ResponsAbility Asia Climate Fund, Acacia Inclusion Ltd, and Ecosystem Integrity Fund. The Gurugram-based company plans to use the funds to expand its presence in new and existing cities. Battery Smart currently operates over 1,518 battery swapping stations in India.

ETtech Deals Digest: Startup funding falls 34% on year to $118 million this week

Economic Times

Economic Times · 1y ago

ETtech Deals Digest: Startup funding falls 34% on year to $118 million this week

Technology startups received a total funding of $117.6 million in the third week of May, down 34% from the same period last year. The largest funding deal was $45 million for Gurugram-based Battery Smart. A total of 18 funding rounds took place during this week, compared to 32 last year. Bengaluru-based Blume Ventures was the top investor, backing startups like Battery Smart and InstaAstro. Other notable funding deals included Red Health raising $20 million, Niqo Robotics securing $13 million, Rupeek raising $6 million, and Celcius receiving $4.8 million.

Battery Smart to raise $45M in Series B round

Inshorts · 1y ago

Battery Smart to raise $45M in Series B round

Delhi NCR-based battery-swapping startup Battery Smart is raising around INR 376.3 Cr (about $45 Mn) from existing and new investors in what seems to be a Series B funding round. The fundraise comes almost a year after the startup raised $33 Mn in its pre-Series B funding round from Tiger Global, Blume Ventures, EIF, and BII.

Orios Venture Partners Partially Exits Battery Smart With 29X Returns

Inc42 · 1y ago

Orios Venture Partners Partially Exits Battery Smart With 29X Returns

Orios Venture Partners has made a partial exit from Battery Smart, a battery technology startup, likely through its Series B funding round of $65 million. This aligns with Orios' strategy of providing its limited partners with a return on their investment within four or five years. The venture capital firm also recently achieved a successful partial exit from Country Delight, generating 45 times returns on its investment.

Decoding Battery Smart’s latest funding round, valuation and shareholding

Entrackr

Entrackr · 1y ago

Decoding Battery Smart’s latest funding round, valuation and shareholding

Battery Smart, a battery swapping network, has raised $33 million in a pre-Series B funding round. The funding will be used to add 100,000 customers to its network by 2025 and expand its geographical reach. The round was led by Tiger Global, with participation from The Ecosystem Integrity Fund, Blume Ventures, British International Investment, and Stride Ventures. With this funding, Battery Smart is now valued at approximately $210 million. The company offers advanced lithium-ion batteries for electric two and three-wheelers, providing a battery-as-a-service solution to save customers upfront costs.

Battery Smart raises $65 Mn in Series B round

Entrackr

Entrackr · 1y ago

Battery Smart raises $65 Mn in Series B round

Battery tech startup Battery Smart has scooped up $65 million in Series B round led by LeapFrog Investments. The equity round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment (BII). While Battery Smart did not disclose its current valuation, it was valued at around $340 million during the first tranche of Series B worth $45 million. This was a significant surge in valuation from the $210 million in the pre-Series B round in November last year. The startup will use the capital to scale its battery-swapping network across the country and drive more electric mobility adoption, Battery Smart said in a press release. Battery Smart provides advanced lithium-ion batteries for electric two and three-wheelers which can be swapped in quick time at any of its swapping stations. Its battery-as-a-service (BaaS) solution helps customers to save high upfront costs. Currently, it claims to have 1,000 battery-swapping stations across 30 cities, completing over 35 million swaps with over 45,000 active customers. The firm has a presence in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra. Recently, Battery Smart tied up with quick commerce platform Zepto to deploy 1,000 electric vehicles in the next financial year of FY25. The partnership will allow Zepto’s EV delivery partners to use Battery Smart’s battery-swapping network. As per startup data intelligence platform TheKredible, Battery Smart saw a seven-fold jump in its revenue to Rs 55.8 crore from Rs 7.95 crore in FY22. Meanwhile, its losses also surged 4.9X to Rs 64.51 crore from Rs 13.08 crore. As per the latest data, Tiger Global controls 23% stake in Battery Smart followed by co-founders Pulkit Khurana and Siddharth Sikka with 14.28% stake each. Blume Venture holds more than 12% stake in the company. Check TheKredible for more details.

Tiger Global-backed Battery Smart raises $33 Mn in pre Series B

Entrackr

Entrackr · 2y ago

Tiger Global-backed Battery Smart raises $33 Mn in pre Series B

Battery swapping network Battery Smart has raised $33 million in a pre-Series B funding round. The round saw participation from the startup’s existing investors Tiger Global and Blume Ventures and new investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII).

Exclusive: Green Frontier Capital Exits Battery Smart With About 18X Returns

Inc42 · 1y ago

Exclusive: Green Frontier Capital Exits Battery Smart With About 18X Returns

Green Frontier has exited Battery Smart's Series B funding round, which raised $65 million and was led by LeapFrog Investments. The decision to exit was due to Battery Smart's rapid growth, which has outgrown the fund's mandate. Previously, Orios Venture Partners also announced a partial exit from Battery Smart with significant returns following the funding round.

Funding and acquisitions in Indian startups this week [03-08 July]

Entrackr

Entrackr · 2y ago

Funding and acquisitions in Indian startups this week [03-08 July]

This week, 19 Indian startups raised funding of about $172 million. Leverage Edu, GIVA, and Battery Smart were the top fundraising startups that scooped up $40 million, $33 million, and $33 million respectively. Read the source article on link below-

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