Electric mobility startup Battery Smart has raised $9 million (Rs 75 crore) in a debt funding round led by Stride Ventures. The battery swapping startup is aiming to add more batteries to its network and expand to new cities across the nation.
The startup raised $25 million (around ₹192.5 crore) in a Series A funding round in June 2022, led by Tiger Global along with participation from existing investors Blume Ventures and Orios Ventures.
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Launched in June 2020, Battery Smart operates with a unique partner-led model. The model allows the company to use and collaborate with the existing infrastructure of local businesses such as small garages which allows them to set up swap stations quicker than usual.
Founded in 2019 by IIT-Kanpur alumni, Pulkit Khurana and Siddharth Sikka, the company has scaled in the last three years swiftly by completing 6 million battery swaps, setting up 440 live swap stations, and has 13,000 customers across 12 cities.
Stride Ventures has invested in close to 100 companies across sectors like consumer, fintech, logistics, agritech, B2B commerce, healthtech, B2B SaaS, mobility & energy solutions (EV), sanctioning around $400 million across sectors. In August 2022, Stride Ventures announced the final close of its second fund at $200 million exceeding its target corpus.
Its debut fund was launched in 2019 with a corpus of Rs 350 crore and a greenshoe option of additional Rs 150 crore.
Stride Ventures has invested in close to 100 companies, sanctioning around $400 million across sectors like OEMs, EV Financing, infrastructure, and mobility solutions as the space is attracting significant financing and funding interest in 2022. Its portfolio companies include Infra.Market, Mensa, Arya, Medika Bazaar, Spinny, MyGlamm, Zetwerk, and Bizongo among others.