In a pre-Series B investment round, Battery Smart has secured $33 million. The startup’s existing backers Tiger Global and Blume Ventures, as well as new investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII), participated in the round.
By doing so, the business has amassed over $70 million, including a $9 million debt due in December 2022 and a $25 million Series A financing in June of last year. The company claimed in a press release that it will use the additional funds to grow its geographic reach and add 100K new subscribers to its network by 2025.
Battery Smart’s valuation in the previous equity transaction was estimated by Fintrackr to be around $126 million. Nobody was able to determine the most recent valuation.
For electric two- and three-wheelers, Battery Smart, based in Gurugram, offers cutting-edge lithium-ion batteries that can be quickly and easily swapped out for fully charged ones at any of its swapping stations in under two minutes. The company claims that its battery-as-a-service (BaaS) technology enables clients to avoid significant up-front fees.
The company claims that since receiving Series A funding, both its user base and income have increased by a factor of six, resulting in the development of a network that spans more than 600 swap stations in 25 cities. With 25,000 active customers in tier I, II, and III cities, the company has performed more than 12 million battery replacements so far.
In addition to others, the company is in competition with Sun Mobility, Bounce Infinity, Lithium Power, ChargeUp, and RACEnergy.
The operational revenue of Battery Smart increased 44X, from Rs 18 lakh in FY21 to Rs 7.95 crore in the fiscal year ending in March 2022. During that time, the company’s losses increased 23-fold to Rs 13.08 crore. The business has not yet submitted its FY23 financial information.
In contrast to the previous two years, Tiger Global sponsored just three businesses in 2023, almost refraining from making any investments in Indian startups. It made an investment in its portfolio business, PhonePe, in January, while the New York-based fund’s inaugural new investment for the year was Infinite Uptime.
