Gurugram-based Battery Smart raised Rs 75 crore in a venture debt funding round led by Stride Ventures.
The battery-swapping network for electric vehicles (EV) is planning to use this capital to include more batteries in its network. Additionally, it wants to bolster its footprint by expanding services in new cities across India.
Prior to this, the start-up raised $25 million in a series A funding round led by Tiger Global in November 2021. Blume Ventures and Orios Ventures also participated in the investment round. It also bagged investment from Blacksoil recently.
Talking about this latest development, Pulkit Khurana, co-founder and CEO of Battery Smart, said, "By expanding our footprint across more cities and deploying additional batteries to our network, we aim to reach even more EV users nationwide."
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"We are excited to partner with Battery Smart as they look to expand their innovative business model that connects key players in the electric vehicle ecosystem. By working towards building a robust EV ecosystem, Battery Smart is taking a proactive approach to drive the adoption of electric transportation, and we are proud to support their efforts," Ishpreet Singh Gandhi, founder and managing partner (MP), added.
According to a YourStory report, Stride Ventures has invested around $400 million in 100 start-ups across sectors.
Since its inception in 2020, Battery Smart has raised $41 million in funding till date.
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