Battery Smart Secures $65 Million in Series B Funding to Accelerate EV Battery-Swapping Network

Electric vehicle (EV) startup Battery Smart announced on Tuesday that it has raised $65 million in a Series B funding round led by LeapFrog Investments. The startup intends to use the funds to expand its dense battery-swapping network across the country and foster the adoption of electric vehicles. “The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence,” said Pulkit Khurana, Co-Founder and CEO of Battery Smart. The equity round saw the participation of new and current investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment. The business has rapidly expanded to 1,000 battery-swapping stations in 30 cities, facilitating over 35 million swaps with over 45,000 active users. “This investment aligns with LeapFrog’s climate investment strategy, which seeks to deploy $500 million in innovative businesses that can swiftly scale new low-carbon, cost-effective technologies across growth markets in Asia and Africa,” said Nakul Zaveri, Partner and Co-Head of Climate Investment Strategy at LeapFrog Investments. Battery Smart aims to ensure that EV users are within a 1 km radius of a station, with no waiting time.

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