- Battery Smart raises USD 15 million debt funding from Mirova to scale its battery swapping network across India.
- The company strengthens its BaaS infrastructure targeting high-usage EV segments like last-mile delivery and passenger mobility.
Battery Smart has secured USD 15 million in debt funding from Mirova to accelerate the expansion of its battery-as-a-service (BaaS) infrastructure across India. The investment is aimed at strengthening the company’s footprint in urban and semi-urban markets while scaling its partner-led battery swapping station network to support growing electric vehicle demand.
Expansion of Battery Swapping Infrastructure
The newly raised capital will be deployed to expand the deployment of battery swapping stations and enhance accessibility for electric vehicle users. Battery Smart plans to deepen its presence in high-demand regions where commercial electric vehicles are rapidly being adopted. By improving infrastructure density, the company aims to ensure seamless battery availability, enabling faster turnaround times and improved operational efficiency for EV drivers.
Scalable BaaS Model for High-Utilisation Segments
Battery Smart operates on a battery-as-a-service model that allows users to swap discharged batteries with fully charged ones within minutes. This approach significantly reduces downtime and eliminates the need for upfront battery ownership, making electric mobility more economically viable. The model is particularly suited for high-utilisation segments such as last-mile delivery and passenger transport, where vehicle uptime directly impacts earnings and operational efficiency.
Rapid Network Growth Across Cities
Since launching its first partner-led station in New Delhi in June 2020, Battery Smart has expanded rapidly, establishing over 1,600 stations across 50 cities. The network enables battery swapping in approximately two minutes, ensuring uninterrupted vehicle operations. This scalable infrastructure has positioned the company as a key enabler in India’s evolving electric mobility ecosystem.
Leadership Perspective on Growth Strategy
“This financing marks an important step for us as we continue to scale our battery-as-a-service network across India,” said Pulkit Khurana, founder and CEO, Battery Smart. “With Mirova’s support, we aim to accelerate expansion and make electric mobility more accessible and affordable.”
Investor Outlook on Climate-Focused Mobility
Priyanka Mehrotra, investment director at Mirova, highlighted the strategic importance of the investment in supporting climate solutions within emerging markets. She stated that the funding aligns with a scalable model addressing both environmental concerns and economic challenges associated with last-mile mobility, reinforcing confidence in Battery Smart’s growth trajectory.
Battery Swapping as a Key EV Adoption Driver
The development reflects the broader momentum within India’s electric mobility sector, where battery swapping is emerging as a critical enabler for faster EV adoption. Particularly in commercial and gig economy applications, this model addresses key challenges such as charging time, vehicle downtime, and cost barriers, contributing to the accelerated transition toward electrified transportation solutions.
Frequently Asked Questions
What is Battery Smart’s battery-as-a-service model?
Battery Smart’s battery-as-a-service model allows electric vehicle users to swap discharged batteries for fully charged ones within minutes instead of waiting for charging. This approach reduces downtime and eliminates the need for upfront battery ownership costs. It is particularly beneficial for high-usage segments such as delivery and passenger transport, where continuous vehicle operation is essential for maintaining income and efficiency.
How will the Mirova funding impact Battery Smart’s expansion?
The USD 15 million debt funding from Mirova will be used to expand Battery Smart’s swapping station network across India and improve infrastructure accessibility. The investment supports scaling operations in urban and semi-urban regions, enhancing service coverage for EV users. This expansion is expected to strengthen the company’s role in enabling electric mobility adoption by improving efficiency, affordability, and availability of battery swapping services.