Debt financing
Battery Smart raises $15-M from Natixis’ affiliate Mirova
Gurugram-based Battery Smart has raised USD 15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers.Founded in 2019 by Pulkit Khurana, Battery Smart operates a battery swapping network for electric vehicles, enabling EV drivers to exchange depleted batteries with charged ones.The company plans to use the new funds to expand its battery-as-a-service (BaaS) infrastructure and strengthen its network of partner-led stations.
Between Feb 2020 and Mar 2026, Battery Smart had attracted about USD 232 M from Blume Ventures, British International Investment, MUFG Innovation Partners, Panasonic, LeapFrog, responsAbility, Rising Tide Energy, Trifecta Capital, Stride Ventures, Tiger Global, BlackSoil Capital, Orios VP, and others.For FY25, Battery Smart had reported about INR 247 Cr in Operating Income and about INR 204 Cr in Net Loss.
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