Battery Smart Raises $19.5 Million in Series C to Accelerate EV Battery-Swapping Expansion

Gurugram-based electric vehicle battery-swapping startup Battery Smart has raised $19.5 million (₹185.5 crore) in a Series C funding round as it looks to accelerate business expansion and strengthen its battery-as-a-service infrastructure across India.

The round was led by existing investor Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures. The latest investment takes Battery Smart’s total funding raised to more than $211 million, while the company’s valuation has climbed to approximately $430 million.

Battery Smart is focused on solving one of the key challenges facing electric two- and three-wheeler adoption: charging time and battery ownership. Through its battery-as-a-service model, EV users can exchange depleted batteries for fully charged ones at strategically located swapping stations, allowing them to get back on the road within minutes.

The model is particularly relevant for gig workers, delivery executives, commercial drivers and other high-utilisation EV users, for whom vehicle downtime can directly impact daily earnings. By separating the battery from the vehicle ownership model, Battery Smart aims to make electric mobility more convenient and economically viable.

The fresh capital will be deployed towards business expansion, capital expenditure and working capital requirements. The company is expected to use the funding to expand its swapping network, strengthen infrastructure and support the growing demand for electric mobility solutions.

Battery Smart’s latest fundraise comes alongside continued improvement in its financial performance. During FY26, the company’s revenue grew 43.8% to ₹358 crore, demonstrating strong growth in its core business. At the same time, its loss narrowed by 12.8% to ₹23.55 crore, indicating progress towards improving operational efficiency and financial sustainability.

The combination of rising revenue, narrowing losses and increased investor backing positions Battery Smart for its next phase of growth. As India’s electric two- and three-wheeler ecosystem expands, reliable charging and energy-access infrastructure will become increasingly important.

Battery swapping can play a significant role in this transition by reducing charging downtime and enabling higher vehicle utilisation. For commercial EV users, the ability to swap a battery rather than wait for conventional charging could become an important factor in choosing electric mobility.

With more than $211 million in total funding, a valuation of around $430 million, and improving financial metrics, Battery Smart is entering its next stage with a clear focus on scaling its network and making EV adoption faster, more accessible and commercially sustainable.

The latest Series C round underscores growing investor confidence in India’s EV infrastructure opportunity and Battery Smart’s role in building the energy ecosystem needed to support the country’s electric mobility transition.