PE Fund Investments

Battery Smart raises $45-M from Acacia, MUFG, PC-SBI Kurashi, existing investors

Economic Times  

Delhi-based battery-swapping services provider Battery Smart has raised INR 376 crore (USD 45 million) from new investors Acacia Inclusion Ltd, MUFG Bank and PC-SBI Kurashi Fund and existing investors British International Investment (BII), Blume Ventures and Ecosystem Integrity Fund. The company issued 87,113 Series B compulsorily convertible preference shares (CCPS) to the investors at INR 43,203 each.Acacia Inclusion led the round with an investment of INR 125 crore. MUFG Bank invested INR 94 crore while PC-SBI Kurashi put in INR 25 crore. Among the existing investors, BII put in INR 49 crore, while Blume Ventures and Ecosystem Integrity Fund invested INR 42 crore each.The company, which provides battery-as-a-service, is present in 25 cities stretching from Rajasthan to Eastern UP. The firm plans to expand to Mumbai, Bengaluru, Pune and Kolkata. Founded in 2019 by Khurana and Siddharth Sikka, Battery Smart claims to provide two-minute battery-swapping facilities to two- and three-wheeler electric vehicles.

Between Feb-20 and Dec-23, Battery Smart had raised over USD 93 M from British International Investment, Tiger Global and Blume Ventures, as well as Venture Debt investors Stride Ventures, BlackSoil Capital and Trifecta Capital.

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