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Battery swapping network, Battery Smart said in a press release and through its twitter handle that it has closed the $65 Million funding round with a combination of Primary and Secondary sale led by LeapFrog Investments. Other investors include Panasonic, MUFG Bank and existing investors include Tiger Global, Blume Ventures and Ecosystem Integrity and British International Investment.
The Series-B funding round was done along with new and existing investors such as MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures and British International Investment (BII) said the company in its twitter handle.
Battery Smart stated that the newly regained funds will be used to help the company grow to the next level. “The fresh capital will help us move faster in our growth journey, improve on the available technology, and consequently, consolidate our market position,” Battery Smart Co-Founder and CEO Pulkit Khurana said.
The company which started trading its first swap station in the National Capital Region (Delhi-India) four years ago has now reached 1, 000 swapping stations in 30 cities that holds over 35 million swaps, and has now further extended its reach across the nation by offering both swapping stations and charging stations over tiers 1, 2, and 3 cities, according to its report.
“This is a perfect fit for LeapFrog’s Climate Investment Strategy of investing in growth markets in Asia and Africa in innovative companies that can see the $500m investment to scale new low carbon, low cost solution providers quickly. ” Said Nakul Zaveri, Partner and Co-Head Climate Investment Strategy LeapFrog Investments.
According to Battery Smart, by 2030, there will be 200 million two-wheelers and 12 million three-wheelers making up India’s fleet.
According to the company, Elluminate Capital had been the sole financial adviser for the funding transaction.
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