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India-based venture debt fund, Stride Ventures, has announced a funding of Rs 75 crores in Gurgaon-based battery swapping startup Battery Smart.
With this funding, the startup is looking to add more batteries to its network and expand to new cities across the nation.
Launched in June 2020, Battery Smart aims to revolutionize the EV sector by making electric mobility simple, economical, and accessible through a unique partner-led model. The model allows the company to leverage the existing infrastructure whilst collaborating with local businesses such as small garages and mom-and-pop shops to set up swap stations at a rapid pace.
Speaking on the fundraiser, Pulkit Khurana, Co-Founder, of Battery Smart, said, “We are excited that Stride Ventures will be a part of the endeavor to further strengthen our EV battery-swapping network in India. By expanding our footprint across more cities and deploying additional batteries to our network, we aim to reach even more EV users nationwide.”
Commenting on the debt round, Ishpreet Singh Gandhi, Founder & Managing Partner, of Stride Ventures, said, “We are excited to partner with Battery Smart as they look to expand their innovative business model that connects key players in the electric vehicle ecosystem. By working towards building a robust EV ecosystem, Battery Smart is taking a proactive approach to drive the adoption of electric transportation, and we are proud to support their efforts.”
Stride Ventures has invested in close to 100 companies, sanctioning around $400M across sectors. It remains bullish on the growth prospects and value proposition of EV segments like OEMs, EV Financing, infrastructure, and mobility solutions as the space is attracting significant financing and funding interest in 2022.