Debt

Debt financing

Battery network provider for EVs Battery Smart raises $2-M from Grip Invest

MyBigPlunge  

Grip Invest, a digital platform for facilitating new-age investments, has signed a USD 2 million lease financing deal with battery network provider Battery Smart for electric vehicles. Grip Invest plans to lease 4,000 batteries for e-rickshaws, enabling Battery Smart to leverage an asset-light business model and save operational costs. Operationalised in June 2020, Battery Smart claims to be building India's largest network of battery swapping stations for electric two- and three-wheelers. Currently, it operates 160 stations across Delhi, Gurugram and Noida. Drivers can stop at any of the company's partner swapping stations and get a fully charged battery against a discharged battery.