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.