EV startup Battery Smart raises $65 million led by LeapFrog Investments

Electric vehicle (EV) startup Battery Smart on Tuesday said it has secured $65 million in a Series B funding round led by LeapFrog Investments.

The startup said it will use the capital to scale its dense battery-swapping network across the country and drive more electric mobility adoption.

"The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence,” said Pulkit Khurana, Co-Founder and CEO, Battery Smart.

The equity round saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment.

The startup has rapidly scaled to 1,000 battery-swapping stations across 30 cities, completing over 35 million swaps with over 45,000 active customers.

“This investment is a natural fit for LeapFrog's climate investment strategy, which aims to invest $500 million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa,” said Nakul Zaveri, Partner and Co-Head, Climate Investment Strategy, LeapFrog Investments.

Battery Smart said it is ensuring EV users are within a 1 km radius of a station, with zero wait time.