Tiger, Blume join $33m round for India's Battery Smart

British International Investment and US-based Ecosystem Integrity Fund also participated. It follows a INR 1.9bn Series A in June last year featuring Tiger Global, Orios Venture Partners, and Catalyst Trusteeship.

Orios has been an investor since at least February 2021, when it joined a seed round alongside Faad Network. Venture debt investors Stride Ventures and BlackSoil Capital both backed the company last December.

Set up in mid-2020, Battery Smart claims to be India’s largest and fastest-growing battery-swapping station operator for two and three-wheel EVs. It claims drivers can swap their batteries at one of its terminals in two minutes.

“Over the past 12 months, we have experienced an incredible 6x growth in our customer base, establishing a robust network of 600-plus swap stations across 25 cities,” Battery Swap said in a social media post, adding that it had completed more than 12m battery swaps to date.

There were some 8,000 electric rickshaws on a platform comprising about 300 swap stations in 12 cities, as of last September. This compares to 100 stations in September of the prior year. The company estimates its target market will be worth USD 17bn by 2025.

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• Topics
• South Asia
• Consumer
• Cleantech
• Technology
• Infrastructure
• Early-stage
• India
• Tiger Global Management
• Blume Ventures
• British International Investment (BII)
• Electric Vehicles