PE Fund Investments
EV-focused Battery Smart attracts $65-M led by LeapFrog; Orios makes part exit
Delhi-based Battery Smart , a battery swapping network for electric two- and three-wheelers, has attracted USD 65 million in a Series B funding round led by LeapFrog Investments. The equity round had primary and secondary components. Participants in the round included new and existing investors such as MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII). Elluminate Capital served as the exclusive financial advisor on this funding transaction.Orios Venture Partners has partially exited the firm with 29X returns. Orios had first invested in Battery Smart in 2020, within a year of the startup’s inception. In 2022, it doubled down on its investment by participating in the startup’s USD 25 million Series A round.Battery Smart will use the primary funds to expand its battery-as-a-service solution to more cities across India. With over 45,000 customers, Battery Smart claims to offer convenient, low-carbon driving range. Its asset-light model allows the company to partner with small and medium-sized businesses (SMBs) and use their existing infrastructure to set up swap stations, simultaneously improving local business owners’ livelihoods.
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