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Battery Smart raises $65 million at $340-million valuation

Economic Times

Economic Times · 1y ago

Battery Smart raises $65 million at $340-million valuation

Battery Smart, a battery-swapping services provider, has raised $65 million in a funding round led by LeapFrog Investments, valuing the company at $340 million. The funding included $45 million in primary funding and $20 million in secondary sales. New investors include LeapFrog Investments, MUFG Bank, and PC-SBI Kurashi Fund, while existing investors such as Blume Ventures and British International Investment increased their investments. Battery Smart plans to use the funding to expand its operations and team size, as well as strengthen its technological capabilities.

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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.

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.

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.

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.

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.

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).

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.

Udaan raises $340 Mn in Series E round

Entrackr

Entrackr · 1y ago

Udaan raises $340 Mn in Series E round

Udaan has secured $340 million in a Series E funding round led by M&G Plc. The investment will be utilized to enhance customer experience, expand market reach, and strengthen strategic vendor partnerships, as well as bolster the company's supply-chain and credit capabilities. Udaan's co-founder and CEO, Vaibhav Gupta, stated that this funding brings them closer to being ready for the public market in the next 12-18 months. The exact valuation of the company has not been disclosed, but it was previously valued at around $3 billion.

Four months after a $3B valuation, Harvey AI grows to $5B | TechCrunch

TechCrunch · 1m ago

Four months after a $3B valuation, Harvey AI grows to $5B | TechCrunch

Harvey AI, a startup specializing in legal automation, has raised $300 million in Series E funding, reaching a $5 billion valuation. The funding round was led by Kleiner Perkins and Coatue, among others. This follows a recent $300 million Series D round at a $3 billion valuation. Harvey plans to double its 340 employees, aiming to extend AI solutions beyond legal work. The company serves 337 legal clients and has a growing annualized revenue run-rate of $75 million.

Zepto raises fresh funds from Elcid Investment at $2.26 Bn valuation

Entrackr

Entrackr · 20d ago

Zepto raises fresh funds from Elcid Investment at $2.26 Bn valuation

Zepto raises fresh funds from Elcid Investment at $2.26 Bn valuation Quick commerce platform Zepto raised Rs 7.5 crore from Elcid Investment at a valuation of Rs 19,231 crore ($2.26 billion), according to its stock exchange filing. This investment comes at a time when Zepto is reportedly in talks to raise $500 million at a valuation of $7 billion led by existing backers General Catalyst, Avenir and others. As per the filing, Elcid Investment is set to acquire 22,55,639 equity shares of Zepto at a price of Rs 33.23 per share, translating to a 0.039% equity stake in the company. According to Entrackr’s estimates, Zepto is now valued at Rs 19,231 crore (approximately $2.26 billion), reflecting a 50% drop from its previous $5 billion valuation during its $340 million fundraise in August last year. Zepto’s total turnover surged 2.5X to Rs 11,110 crore in FY25, up from Rs 4,454.5 crore in FY24. In FY23, the company reported a turnover of Rs 2,024.4 crore, marking a consistent doubling of revenue each fiscal year. Zepto recently completed its shift in domicile from Singapore to India as part of its preparations for a public listing, which has now reportedly been deferred to FY26. Zepto competes with other major quick commerce platforms, including Eternal-owned Blinkit, which reported Rs 2,400 crore in revenue for Q1 FY26, surpassing Eternal’s food delivery business. Meanwhile, rival Swiggy Instamart is yet to file its Q1 FY26 financials.

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