PE Fund Investments
EV battery swapping network Battery Smart raises $25-M from Tiger Global, others
Battery Smart, a Gurugram-based electric vehicle battery swapping network, has raised USD 25 million in a Series A round. Tiger Global led the round with INR 154.6 crore while Catalyst Trusteeship Ltd and Orios Fund participated with INR 18.5 crore and INR 20 crore, respectively. Battery Smart will use the funds to meet capital and R&D expenditures and for brand promotion. Following the fresh fund infusion, Tiger Global owns a 16% stake in the company. Catalyst Trusteeship Ltd and Orios hold 13.4% and 2.43%, respectively. The company's co-founders Pulkit Khurana and Siddharth Sikka together own 41.01%. The company had raised USD 7 million in a pre-series A round led by Orios Ventures along with the participation of Blume and a clutch of angel investors in November 2021.
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