India’s battery-swapping pioneer accelerates national expansion
Battery Smart, a rising force in India’s electric vehicle (EV) ecosystem, has raised $65 million in a Series B funding round led by LeapFrog Investments. Other participants include MUFG Bank, Panasonic, Blume Ventures, Ecosystem Integrity Fund, and British International Investment. This new round of capital aims to accelerate the company’s national expansion and deepen its mission to deliver sustainable and accessible electric mobility.
Reducing charging time through battery swapping
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart has quickly become a market leader in battery-swapping services. The startup operates over 1,000 swap stations across 30 Indian cities, supporting more than 45,000 active customers and completing 35 million+ battery swaps to date.
Battery Smart’s battery-as-a-service model allows users to swap EV batteries in under two minutes, minimizing downtime and eliminating the need for long charging stops. By partnering with small and medium-sized businesses, the company builds stations rapidly while encouraging local entrepreneurship. Thanks to this asset-light model, users are typically within 1 km of a station, with zero wait time.
Scaling with strategic funding and partners
The Series B funding includes both primary and secondary investments. Battery Smart plans to use the capital to:
Expand its battery-swapping network into more cities
Advance its in-house technology
Strengthen its national footprint
Investors have aligned their climate agendas with Battery Smart’s mission. LeapFrog Investments, for example, views the deal as part of its broader $500 million climate strategy focused on scaling low-carbon tech in Asia and Africa. Similarly, MUFG Bank emphasized its commitment to decarbonization and green growth through this investment.
Solving key EV challenges in India
India’s EV market faces several roadblocks, the biggest being a shortage of reliable charging infrastructure. Many drivers hesitate to adopt EVs due to range anxiety and high battery costs.
Battery Smart addresses these issues through a simple, scalable solution. Its swapping model removes the need for personal battery ownership, reducing upfront EV costs by up to 40%. This lowers the barrier to entry and broadens EV accessibility, especially in price-sensitive urban and rural areas.
The company’s model also supports the greening of India’s power grid. By enabling widespread EV use and reducing charging time, it contributes to faster decarbonization and aligns with India’s net-zero emissions goals.
Powering India’s EV transition
By 2030, India is projected to host 200 million two-wheelers and 12 million three-wheelers on its roads. This rapid growth creates a critical demand for scalable EV infrastructure.
Battery Smart intends to fill this gap. It plans to:
Expand its presence in underserved regions
Partner with local businesses for ground-level access
Leverage AI and IoT to optimize swap logistics
With its practical approach, the company is not only improving access but also influencing EV adoption patterns across India. It has positioned itself as a blueprint for similar models in emerging markets around the world.
Innovation driving sustainable mobility
Battery Smart’s $65 million Series B round marks a pivotal moment for India’s EV infrastructure evolution. By combining scalable technology, strong local partnerships, and a sustainability-first mindset, the company is revolutionizing how electric vehicles are powered in India. As demand for clean transportation rises, Battery Smart stands out as a key enabler of green, inclusive mobility.
