News, 2 June 2025
Gurugram-based Battery Smart, an EV battery swapping service provider, has obtained US$29 million in a Series B funding round. Rising Tide Energy, a private equity firm based in New York, spearheaded the fundraising, with LeapFrog Investments, Ecosystem Integrity Fund, and responsAbility also contributing.
The money will be used by Battery Smart to expand into new locations and enhance its service offerings in current markets. Presently, the company provides lithium-ion battery switching services for electric two- and three-wheelers at more than 1,518 exchanging stations spread across 321 locations throughout Delhi.
Since its founding by Pulkit Khurana and Siddharth Sikka, Battery Smart has completed over 74.9 million battery swaps and has onboarded more than 68,000 electric vehicle drivers. The company holds a significant 36% market share in the battery swapping sector, competing with other players such as VoltUp, SUN Mobility, and Mooving.
About Battery Smart:
An Indian business called Battery Smart specializes in electric two- and three-wheeler battery replacement services. Battery Smart aims to accelerate the adoption of electric vehicles by addressing concerns around charging time and range anxiety.
