Smart Energy Tech firm Battery Smart secures $45 million in a new funding round
The battery-as-a-service (BaaS) solution startup Battery Smart just successfully lifted up $45 million in a new round from investors. The funding round saw the participation of Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment in the funding round.
The managerial board of Battery Smart has circulated a special resolution for issuing 87,113 Series B CCPS at an issue price of Rs 43,203 each to raise Rs 376.35 crore ($45 million), shows their regulatory filing accessed from the Registrar of Companies.
The investor firm Acacia Inclusion led the round with Rs. 124.75 crore and MUGF Bank and Blume Ventures contributed with Rs. 93.56 crore and 41.58 crore respectively. Ecosystem Integrity Fund added Rs. 41.58 crore and British International Investment and PC-SBI Kurashi Visionary Fund joined the round with Rs. 49.90 crore and Rs. 24.94 crore.
After announcement of the new funding round the firm’s early backer Blume Ventures holds a major 14.43% stake while Acacia Inclusion and Ecosystem Integrity command 9.83% and 6.56%, respectively.
As per the startup data intelligence platform TheKredible, the Gurugram-based company raised the new money at a valuation of Rs. 2,830 crore or $341 million. The company shows a 62.5% jump in its revenue valued $210 million valuation in the pre-Series B financing round in November last year.
The round is an ongoing one and the company expects to fetch more money and increase their valuation in the market.
During July last year, the company successfully grabbed $33 million in pre-Series B round and has scooped up more than $120 million to date from Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.
The company offers advanced lithium-ion batteries for electric two and three-wheelers which can be swapped with fully charged ones in just a few minutes at any of its swapping stations.
The company claims that, till date they have extended their service to 30 cities by building up 1,000 swapping stations and completed over 35 million battery swaps. The firm is operating in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.
In the last fiscal year the company’s recorded a seven-fold jump in its revenue to Rs. 55.8 crore as compared to Rs. 7.95 crore in FY22. while, its losses were recorded as Rs. 64.51 crore during FY23 from Rs. 13.08 crore in the previous fiscal year declined by 4.9X.
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The managerial board of Battery Smart has circulated a special resolution for issuing 87,113 Series B CCPS at an issue price of Rs 43,203 each to raise Rs 376.35 crore ($45 million), shows their regulatory filing accessed from the Registrar of Companies.
The investor firm Acacia Inclusion led the round with Rs. 124.75 crore and MUGF Bank and Blume Ventures contributed with Rs. 93.56 crore and 41.58 crore respectively. Ecosystem Integrity Fund added Rs. 41.58 crore and British International Investment and PC-SBI Kurashi Visionary Fund joined the round with Rs. 49.90 crore and Rs. 24.94 crore.
After announcement of the new funding round the firm’s early backer Blume Ventures holds a major 14.43% stake while Acacia Inclusion and Ecosystem Integrity command 9.83% and 6.56%, respectively.
As per the startup data intelligence platform TheKredible, the Gurugram-based company raised the new money at a valuation of Rs. 2,830 crore or $341 million. The company shows a 62.5% jump in its revenue valued $210 million valuation in the pre-Series B financing round in November last year.
The round is an ongoing one and the company expects to fetch more money and increase their valuation in the market.
During July last year, the company successfully grabbed $33 million in pre-Series B round and has scooped up more than $120 million to date from Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.
The company offers advanced lithium-ion batteries for electric two and three-wheelers which can be swapped with fully charged ones in just a few minutes at any of its swapping stations.
The company claims that, till date they have extended their service to 30 cities by building up 1,000 swapping stations and completed over 35 million battery swaps. The firm is operating in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.
In the last fiscal year the company’s recorded a seven-fold jump in its revenue to Rs. 55.8 crore as compared to Rs. 7.95 crore in FY22. while, its losses were recorded as Rs. 64.51 crore during FY23 from Rs. 13.08 crore in the previous fiscal year declined by 4.9X.
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