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Battery Smart raises $65 Mn in Series B round

EntrackrEntrackr · 1y ago
Battery Smart raises $65 Mn in Series B round
Medial

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.

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Exclusive: Battery Smart kicks off pre-Series C funding round

EntrackrEntrackr · 5d ago
Exclusive: Battery Smart kicks off pre-Series C funding round
Medial

Exclusive: Battery Smart kicks off pre-Series C funding round Battery Smart has initiated its pre-Series C funding round. While the size of the round is unknown, Acacia Inclusion, Blume Ventures and PC-SBI Kurashi Visionary Fund have already invested over $7 million. According to its regulatory filings with the Registrar of Companies, the board of Battery Smart has passed a special resolution to allot 12,158 pre-Series C compulsory convertible preference shares at an issue price of Rs 54,407 each for Rs 66 crore (approximately $7.4 million). Acacia Inclusion led the round with an investment of Rs 36.3 crore, followed by PC-SBI Kurashi Visionary Fund with Rs 17.8 crore, while Blume Ventures joined the pre Series C round with Rs 12 crore. The proceeds will be used to support business expansion, capital expenditure, working capital requirements, and other general corporate purposes, as per filings. Battery Smart offers lithium-ion batteries for electric two- and three-wheelers that can be swapped within minutes at its network of swapping stations. Through its battery-as-a-service (BaaS) model, the company enables users, particularly gig economy drivers, to avoid the upfront cost of owning batteries. To date, Battery Smart has raised around $192 million in funding, including its $65 million Series B round and $29 million extended Series B round. Its cap table includes prominent investors such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund. On the financial front, the company reported a 52% year-on-year increase in operating revenue to Rs 249 crore in FY25, up from Rs 164 crore in FY24. Battery Smart also stated that it has achieved operating break-even and turned EBITDA positive.

Smart Joules raises $10 Mn in Series B round

EntrackrEntrackr · 3m ago
Smart Joules raises $10 Mn in Series B round
Medial

Smart Joules raises $10 Mn in Series B round Energy services firm Smart Joules has raised $10 million in a Series B round led by Neev II Fund, managed by SBI Ventures Limited, with participation from Waaree Renewable Technologies and Spectrum Impact. The proceeds will be used to expand its energy efficiency and cooling operations across commercial and industrial facilities in India. The focus areas include manufacturing units, building automation, and district cooling projects. Funds will also be deployed to strengthen its technology, data systems, and on-ground execution teams. Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules operates on an efficiency-first model and works with enterprises to reduce energy use without upfront capital from customers. Its product suite includes JoulePays for performance-based energy efficiency contracts, JouleCool for cooling-as-a-service, and DeJoule, its AI-led building management platform. According to the company, it has so far conserved 32.1 crore kWh of energy, reduced 2.4 lakh tonnes of CO₂ emissions, and delivered Rs 266 crore in energy cost savings. Smart Joules is targeting a reduction of 29 million tonnes of carbon emissions by 2030.

Volt14 raises $1.87 Mn in pre-Series A round led by Blume Ventures

EntrackrEntrackr · 10m ago
Volt14 raises $1.87 Mn in pre-Series A round led by Blume Ventures
Medial

Volt14 raises $1.87 Mn in pre-Series A round led by Blume Ventures Battery technology startup Volt14 has secured $1.87 million in its pre-Series A funding round led by Blume Ventures. Beyond Next Ventures, Spectrum Impact. Shashank Pathak 05 May 2025 11:12 IST Follow Us New Update Battery technology startup Volt14 has secured $1.87 million in its pre-Series A funding round led by Blume Ventures. Beyond Next Ventures, Spectrum Impact, Supermorpheus, and returning investor Cocoon Capital have also participated. The total funding raised by the Bengaluru-based startup now stands at $4.02 million. The proceeds will be used to scale up manufacturing and expand its team. Founded in 2019 by Animesh Kumar Jha, Volt14 focuses on developing silicon-based anode materials for lithium-ion batteries. It has also developed an in-house cylindrical battery cell format demonstrating energy density enabled by its silicon anode. Volt14 claims that its technology increases silicon content in anodes while maintaining performance levels and is currently being evaluated by multiple battery cell manufacturers. According to market research, the lithium-ion battery sector is projected to exceed $300 billion by 2034, driven by electric vehicle adoption and energy storage expansion. Blume Ventures, the lead investor in this round, is also one of the early backers of Battery Smart, which is the most funded startup in the space.

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