PE Fund Investments
EV battery swapping network Battery Smart raises $33-M from Tiger Global, Blume, others
Delhi-based Battery Smart, a battery swapping network for electric two and three-wheelers, has raised USD 33 million in a pre-Series B funding round led by the firm's existing investors Tiger Global and Blume Ventures, with participation from new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII). The fresh capital will be used to add more customers to the company's network and expand its geographic footprint. The company claims that its battery-as-a-service (BaaS) model enables interoperable battery swapping for two and three-wheeler EVs in under two minutes reducing the up-front investment borne by a consumer by 40%. Last year, Battery Smart raised USD 25 million in Series A funding led by Tiger Global, with participation from Blume Ventures and Orios Ventures.
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