Battery Smart Secures USD 29 Mn to Accelerate Battery Swapping Expansion
The investment was led by New York-based private equity firm Rising Tide Energy, with participation from responsAbility, Ecosystem Integrity Fund, and LeapFrog Investments.
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Battery Smart, a battery swapping operator, secured USD 29 million in fresh funding as part of its ongoing Series B round, according to YourStory media company.
The investment was led by New York-based private equity firm Rising Tide Energy, with participation from responsAbility, Ecosystem Integrity Fund, and LeapFrog Investments.
The funds will be deployed to deepen Battery Smart's presence in existing cities and drive expansion into new markets across India, further accelerating EV adoption.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart is based in Gurugram and provides lithium-ion battery swapping services for electric two- and three-wheelers. Its growing network simplifies EV energy replenishment through a quick-swap model, enabling vehicles to get fully charged batteries in minutes.
Battery Smart operates over 1,518 battery swapping stations across 321 locations in Delhi and has facilitated more than 74.9 million swaps. Over 68,036 EV drivers are currently onboarded onto its platform.
The company was last valued at USD 451 million and holds a 36% market share, positioning it as a key player in India's battery swapping ecosystem, competing with the likes of VoltUp, SUN Mobility, and Mooving.
Battery swapping offers a faster and more efficient alternative to conventional EV charging by eliminating wait times and enabling higher vehicle utilisation—making it ideal for commercial fleets, last-mile delivery, and shared mobility services. With its scalable infrastructure, Battery Smart is powering the next phase of India's electric mobility revolution.
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