Gurugram-based Battery Smart, a battery swapping network, has successfully raised $33 million in a pre-Series B funding round. This investment round witnessed the participation of existing investors Tiger Global and Blume Ventures, as well as new investors The Ecosystem Integrity Fund and British International Investment.

With this recent funding, Battery Smart has accumulated a total funding of over $70 million, which includes a $9 million debt raised in December 2022 and a $25 million Series A round completed in June last year. The company plans to employ the additional capital to expand its customer base, aiming to add 100,000 customers to its network by 2025. Additionally, it intends to enhance its geographical presence, according to a company press release.

Battery Smart offers advanced lithium-ion batteries for electric two and three-wheelers, facilitating the swapping of depleted batteries with fully charged ones in just two minutes at any of its swapping stations. The company’s battery-as-a-service (BaaS) solution enables customers to save significant upfront costs associated with battery ownership.

Since its Series A funding, Battery Smart has experienced a remarkable 6x growth in both revenue and customer base. Presently, the company boasts a network of over 600 swap stations across 25 cities, having completed over 12 million battery swaps. Its services have garnered approximately 25,000 active customers across tier I, II, and III cities.

While the valuation of Battery Smart during this funding round remains undisclosed, previous estimates by Fintrackr placed the company’s value at approximately $126 million during its last equity round. Battery Smart faces competition from several industry players, including Sun Mobility, Bounce Infinity, Lithium Power, Chargeup, and RACEnergy.

During the fiscal year ending in March 2022, Battery Smart witnessed an exponential increase in revenue from operations, skyrocketing 44 times to Rs 7.95 crore from Rs 18 lakh in FY21. However, the firm also experienced a significant surge in losses, which rose 23-fold to Rs 13.08 crore during the same period. The company is yet to file its financial reports for FY23.

Tiger Global’s investment activity in Indian startups has been relatively subdued in recent years, with only three companies receiving their backing in 2023. Earlier this year, the New York-based fund invested in its portfolio company PhonePe, and Infinite Uptime marked their first new investment for the year.

The substantial funding secured by Battery Smart indicates growing confidence in the company’s innovative battery swapping solution and its potential to revolutionize the electric vehicle market in India. With this infusion of capital, Battery Smart is well-positioned to further expand its operations, strengthen its market presence, and meet the increasing demand for efficient and cost-effective electric vehicle solutions.