Battery Smart: Difference between revisions

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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>
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>
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 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 ==
== Funding ==

Latest revision as of 18:54, 24 November 2023


Battery Smart
IndustryElectric vehicle battery-swapping
FoundedNovember 2019
Founder(s)sPulkit Khurana, Siddharth Sikka
Headquarters
Gurugram, Haryana
Area served
25 cities

Battery Smart is an EV battery-swapping company headquartered in Gurugram, Haryana.[1][2]

History[edit | edit source]

Battery Smart was established by Pulkit Khurana and Siddharth Sikka, both serial entrepreneurs and graduates of IIT-Kanpur.[3][4] The company was initially known as Upgrid Solutions when it began in November 2019.[5] Commencing operations in June 2020, Battery Smart opened its first swap station in Janakpuri, Delhi.[6]

In February 2021, the company announced its Seed-Round funding, with Orios Venture Partners leading the investment.[6] 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.[6][7]

As of December 2022, the company had set up over 750 swap stations and was operational in 25 cities,[8] including Varanasi, Agra, Lucknow, Jaipur, Meerut, and Kanpur.[9]

The company also formed partnerships with Zomato,[10] and Tata Power Delhi Distribution Limited (DDL), a major power distribution company serving North Delhi, to set up battery swap stations for electric two- and three-wheelers in the region.[11]

Funding[edit | edit source]

In November 2021, Battery Smart secured $7 million in pre-Series A funding from investors like Blume Ventures and Orios Ventures.[12]

In June 2022, the company obtained $25 million in Series A funding led by Tiger Global, with participation from Blume Ventures and Orios Ventures.[13] Also, venture debt fund Stride Ventures invested Rs 75 crore.[14]

In 2023, Battery Smart raised $33 million in a pre-Series B round with participation from existing investors, including Tiger Global and Blume Ventures, as well as new investors like the Ecosystem Integrity Fund and British International Investment.[15]

References[edit | edit source]

  1. ↑ "Battery Smart FY22 Revenues at Rs 7.95 Crore, Stations Cross 500 Mark - Saur Energy International". www.saurenergy.com.
  2. ↑ Shruti, Sonal (2022-07-22). "Tiger Global-backed Battery Smart needs to get smarter about swapping". The Ken.
  3. ↑ "Indian EV battery-swapping network eyes $50m in funding". Nikkei Asia.
  4. ↑ "Bright future for battery swapping, 45,000 customers in the waiting list | Auto - Times of India Videos". The Times of India.
  5. ↑ Ashrafi, Md Salman (2023-03-21). "Unpacking Battery swapping startup Battery Smart's FY22 numbers". Entrackr.
  6. ↑ 6.0 6.1 6.2 "Battery Smart targets new customers and cities". Autocar Professional.
  7. ↑ "Battery Smart announces partnership with Zypp Electric". Manufacturing Today India.
  8. ↑ Takkar, Rhydhm. "Battery Smart planning to expand network to 35 cities by December 2023 - ET EnergyWorld". The Economic Times.
  9. ↑ "Battery Smart completes 10 million swaps for 2, 3-wheelers - ET Auto". ETAuto.com.
  10. ↑ www.ETAuto.com. "Zomato and Battery Smart join to promote green last-mile deliveries - ET Auto". ETAuto.com.
  11. ↑ "Tata Power Delhi Distribution partners with Battery Smart". mint. 2022-03-15.
  12. ↑ Pradeep, Sethu (2021-11-09). "EV Battery Swapping Startup Battery Smart Raises $7 Mn". Inc42 Media.
  13. ↑ Kaur, Jaspreet (2022-06-27). "Battery Smart Raises $25 Mn To Partner With OEMs And Fleet Operators". Inc42 Media.
  14. ↑ Chandak, Pooja (2022-12-28). "Stride Ventures Invest Rs 75 Crore In Battery Smart". EMobility+.
  15. ↑ "Battery Smart raises $33 million". The Times of India. 2023-07-07. ISSN 0971-8257.

External links[edit | edit source]

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