Battery Smart

2023-11-24T07:11:11Z

Tycorun: Changed reference link for correct battery swap

{{Short description|EV battery-swapping company}}
{{Infobox company
| name = Battery Smart
| logo = Battery Smart logo.PNG
| type = [[Privately held company|Private]]
| industry = [[Electric vehicle]] battery-swapping
| founded = November 2019
| founders = Pulkit Khurana, Siddharth Sikka
| hq_location_city = [[Gurugram, Haryana]]
| num_locations =
| area_served = 25 cities
| key_people =
}}

'''Battery Smart''' is an [[Electric vehicle|EV]] [[Battery swapping|battery-swapping]] company headquartered in [[Gurgaon|Gurugram, Haryana]].<ref>{{Cite web |title=Battery Smart FY22 Revenues at Rs 7.95 Crore, Stations Cross 500 Mark - Saur Energy International |url=https://www.saurenergy.com/ev-storage/battery-smart-fy22-revenues-at-rs-7-95-crore-stations-cross-500-mark |access-date= |website=www.saurenergy.com}}</ref><ref>{{Cite web |last=Shruti |first=Sonal |date=2022-07-22 |title=Tiger Global-backed Battery Smart needs to get smarter about swapping |url=https://the-ken.com/story/tiger-global-battery-smart-swapping/ |access-date= |website=[[The Ken]] |language=en-US}}</ref>

== History ==
Battery Smart was established by Pulkit Khurana and Siddharth Sikka, both serial entrepreneurs and graduates of [[IIT Kanpur|IIT-Kanpur]].<ref>{{Cite web |title=Indian EV battery-swapping network eyes $50m in funding |url=https://asia.nikkei.com/Spotlight/DealStreetAsia/Indian-EV-battery-swapping-network-eyes-50m-in-funding |access-date= |website=Nikkei Asia |language=en-GB}}</ref><ref>{{Cite web |title=Bright future for battery swapping, 45,000 customers in the waiting list {{!}} Auto - Times of India Videos |url=https://timesofindia.indiatimes.com/videos/auto/bright-future-for-battery-swapping-45000-customers-in-the-waiting-list/videoshow/95473328.cms |access-date= |website=The Times of India |language=en}}</ref> The company was initially known as Upgrid Solutions when it began in November 2019.<ref>{{Cite web |last=Ashrafi |first=Md Salman |date=2023-03-21 |title=Unpacking Battery swapping startup Battery Smart’s FY22 numbers |url=https://entrackr.com/2023/03/unpacking-battery-swapping-startup-battery-smarts-fy22-numbers/ |access-date= |website=Entrackr |language=en-US}}</ref> Commencing operations in June 2020, Battery Smart opened its first swap station in [[Janakpuri]], [[Delhi]].<ref name=":1">{{Cite web |title=Battery Smart targets new customers and cities |url=https://www.autocarpro.in/feature/battery-smart-targets-new-customers-and-cities-81417 |access-date= |website=Autocar Professional |language=en}}</ref>

In February 2021, the company announced its [[Seed money|Seed-Round]] funding, with Orios Venture Partners leading the investment.<ref name=":1" /> In November 2021, the company raised $7 million in a pre-Series A funding round, with backing from Blume Ventures and Orios Ventures. Following this, in January 2022, the company forged a partnership with Zypp Electric to integrate 2000 Zypp Electric two-wheelers into their battery-swapping network.<ref name=":1" /><ref>{{Cite web |title=Battery Smart announces partnership with Zypp Electric |url=https://www.manufacturingtodayindia.com/sectors/battery-smart-announces-partnership-with-zypp-electric |website=Manufacturing Today India}}</ref>

As of December 2022, the company had set up over 750 swap stations and was operational in 25 cities,<ref>{{Cite web |last=Takkar |first=Rhydhm |title=Battery Smart planning to expand network to 35 cities by December 2023 - ET EnergyWorld |url=https://energy.economictimes.indiatimes.com/news/power/battery-smart-planning-to-expand-network-to-35-cities-by-december-2023/101165300 |access-date= |website=The Economic Times |language=en}}</ref> including [[Varanasi]], [[Agra]], [[Lucknow]], [[Jaipur]], [[Meerut]], and [[Kanpur]].<ref>{{Cite web |last= |title=Battery Smart completes 10 million swaps for 2, 3-wheelers - ET Auto |url=https://auto.economictimes.indiatimes.com/news/auto-technology/battery-smart-completes-10-million-swaps-for-2-3-wheelers/99759244 |access-date= |website=ETAuto.com |language=en}}</ref>

The company also formed partnerships with [[Zomato]],<ref>{{Cite web |last=www.ETAuto.com |title=Zomato and Battery Smart join to promote green last-mile deliveries - ET Auto |url=https://auto.economictimes.indiatimes.com/news/two-wheelers/zomato-and-battery-smart-join-to-promote-green-last-mile-deliveries/102900968 |access-date= |website=ETAuto.com |language=en}}</ref> and [[Tata Power Delhi Distribution Limited]] (''DDL''), a major power distribution company serving [[North Delhi (district)|North Delhi]], to set up [http://batteryswapcabinet.com/ battery swap] stations for electric two- and three-wheelers in the region.<ref>{{Cite web |date=2022-03-15 |title=Tata Power Delhi Distribution partners with Battery Smart |url=https://www.livemint.com/companies/news/tata-power-delhi-distribution-partners-with-battery-smart-11647356283045.html |access-date= |website=mint |language=en}}</ref>

== Funding ==
In November 2021, Battery Smart secured $7 million in pre-Series A funding from investors like Blume Ventures and Orios Ventures.<ref>{{Cite web |last=Pradeep |first=Sethu |date=2021-11-09 |title=EV Battery Swapping Startup Battery Smart Raises $7 Mn |url=https://inc42.com/buzz/ev-battery-swapping-startup-battery-smart-raises-7-mn/ |access-date= |website=Inc42 Media |language=en}}</ref>

In June 2022, the company obtained $25 million in Series A funding led by Tiger Global, with participation from Blume Ventures and Orios Ventures.<ref>{{Cite web |last=Kaur |first=Jaspreet |date=2022-06-27 |title=Battery Smart Raises $25 Mn To Partner With OEMs And Fleet Operators |url=https://inc42.com/buzz/ev-startup-battery-smart-raises-25-mn-to-partner-with-oems-and-fleet-operators/ |access-date= |website=Inc42 Media |language=en}}</ref> Also, venture debt fund Stride Ventures invested Rs 75 crore.<ref>{{Cite web |last=Chandak |first=Pooja |date=2022-12-28 |title=Stride Ventures Invest Rs 75 Crore In Battery Smart |url=https://emobilityplus.com/2022/12/28/stride-ventures-invest-rs-75-crore-in-battery-smart/ |access-date= |website=EMobility+ |language=en-GB}}</ref>

In 2023, Battery Smart raised $33 million in a pre-Series B round with participation from existing investors, including [[Tiger Global Management|Tiger Global]] and Blume Ventures, as well as new investors like the Ecosystem Integrity Fund and [[British International Investment]].<ref>{{Cite news |date=2023-07-07 |title=Battery Smart raises $33 million |work=The Times of India |url=https://timesofindia.indiatimes.com/city/bengaluru/battery-smart-raises-33-million/articleshow/101558532.cms?from=mdr |access-date= |issn=0971-8257}}</ref>

== References ==
{{Reflist}}

== External links ==

* [https://www.batterysmart.in/ Official website]

[[Category:Indian companies established in 2019]]
[[Category:2019 establishments in India]]
[[Category:Companies based in Gurgaon]]

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Battery Smart