Battery Smart secures USD 15 million debt funding from Mirova

Electric vehicle battery-swapping network Battery Smart on Tuesday said it has secured USD 15 million about Rs 142 crore in debt funding from global asset management firm Mirova to expand its operations across India. The capital will be utilised to expand the companys battery-as-a-service BaaS infrastructure and strengthen its network of partner-led stations across key urban and semi-urban markets, the company said in a statement.

Electric vehicle battery-swapping network Battery Smart on Tuesday said it has secured USD 15 million (about Rs 142 crore) in debt funding from global asset management firm Mirova to expand its operations across India. The capital will be utilised to expand the company's battery-as-a-service (BaaS) infrastructure and strengthen its network of partner-led stations across key urban and semi-urban markets, the company said in a statement. Founded in 2019, Battery Smart caters primarily to electric two- and three-wheelers. The platform allows EV drivers to exchange depleted batteries for fully charged ones within minutes. ''This financing marks an important step for us as we continue to scale our battery-as-a-service network across India. With Mirova's support, we aim to accelerate network expansion and further our focus on making electric mobility more accessible, affordable, and inclusive for drivers across the country,'' Battery Smart Founder and CEO Pulkit Khurana said. Since launching its first station in New Delhi in June 2020, the company has scaled its operations to over 1,600 partner-led stations across 50 cities.