Battery Smart raises Rs 124 crore debt

Synopsis

Battery Smart secured debt funding to expand its battery swapping network. This investment will support infrastructure growth in urban and semi-urban markets. The company's model allows quick battery exchanges for electric vehicle users. Battery Smart currently operates over 1,600 stations in more than 70 cities. This funding boosts responsAbility's total commitment to Battery Smart significantly.

Mumbai: Battery Smart raised about ₹124 crore ($13 million) in debt from responsAbility Investments AG to expand its battery swapping network across India, as the company looks to scale its battery-as-a-service (BaaS) business amid rising adoption of electric two- and three-wheelers, said people aware of the matter.

Zurich-based responsAbility is an impact asset manager focused on private market investments in emerging economies.

The funding will support the expansion of Battery Smart's partner-led battery-swapping infrastructure across urban and semi-urban markets.

The latest investment marks the fourth investment deal between the two companies in about 18 months, boosting responsAbility's total commitment to Battery Smart to more than ₹478 crore.

The company’s battery-swapping model allows electric vehicle users to exchange depleted batteries for fully charged ones within minutes. The model primarily caters to last-mile delivery and passenger mobility segments.

Battery Smart currently operates more than 1,600 battery-swapping stations in more than 70 cities, serving more than 100,000 active drivers through an interoperable network supporting multiple electric two- and three-wheeler models.