PE-VC Fund Investments
Panasonic invests in battery swapping operator Battery Smart’s new round
Panasonic (via PC-SBI Kurashi Visionary Fund) has invested in battery swapping operator Battery Smart ’s new round. The Gurugram-based has raised the first tranche of its pre-series C funding round led by existing investor Acacia Inclusion, with participation from another existing investor Blume Ventures.Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart operates a battery-swapping network for electric two- and three-wheelers, particularly targeting gig economy drivers with an offering of lithium-ion batteries via a battery-as-a-service (BaaS) model. The new funds will be used towards business expansion, capital expenditure, working capital requirements, and other general corporate purposes.
Between Feb 2020 and May 2025, Battery Smart had attracted about USD 187 M from Orios VP, Baring India, Blume Ventures, Green Frontier Capital, Tiger Global, Stride Ventures, BlackSoil Capital, British International Investment, Trifecta Capital, LeapFrog, MUFG Innovation Partners, Panasonic, responsAbility, Rising Tide Energy and others.For FY25, Battery Smart had reported about INR 247 Cr in Operating Income and about INR 204 Cr in Net Loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
