Battery Smart Raises $19.5M Series C at $430M Valuation

Battery Smart Raises $19.5M Series C at $430M Valuation

Gurugram-based EV battery-swapping startup Battery Smart has raised Rs 185.5 crore ($19.5 million) in a Series C funding round led by existing investor Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures.

Rising Tide Ventures invested Rs 112 crore ($11.8 million), while Ecosystem Integrity Fund and Blume Ventures invested Rs 49 crore and Rs 25 crore, respectively.

The company raised the capital across two tranches, with the first amounting to nearly Rs 97 crore and the second at Rs 88 crore. According to Entrackr's estimate, the latest round values Battery Smart at around Rs 4,075 crore ($430 million) post-money.

The fresh capital will be used to support business expansion, capital expenditure, working capital requirements and other general corporate purposes.

The latest round follows Battery Smart's Rs 66 crore pre-Series C funding raised in March 2026 from Acacia Inclusion, Blume Ventures and PC-SBI Kurashi Visionary Fund. The company also secured $15 million in debt funding from Mirova in April.

Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service model allows users, particularly gig-economy and commercial drivers, to swap depleted batteries for charged ones instead of bearing the upfront cost and waiting for conventional charging.

The company has raised more than $211 million in equity and debt funding to date, with investors including Tiger Global, Blume Ventures and Ecosystem Integrity Fund.

Battery Smart has also reported improvement in its financial performance. Its revenue increased 43.8% to Rs 358 crore in FY26 from Rs 249 crore in FY25, while its loss narrowed 12.8% to Rs 23.55 crore from Rs 27 crore in the previous fiscal year.

The latest funding comes as battery swapping continues to emerge as an alternative to conventional charging for India's electric mobility ecosystem, particularly for high-utilisation two- and three-wheelers where vehicle downtime can directly affect driver earnings.

For Battery Smart, the next phase will be about using its fresh capital to expand the network while improving operating performance and scaling its battery-as-a-service model across India's growing electric mobility market.