- Battery swapping company Battery Smart raised $65 million in a funding round led by LeapFrog Investments.
- The investment will be used to accelerate expansion, improve technology, and strengthen market presence.
- Battery Smart aims to address the growing demand for electric two- and three-wheeler vehicles in India.
- The company has already established a network of 1,000 battery swapping stations across 30 cities.
- This funding round will help Battery Smart play a key role in India’s transition to low-carbon transportation.
LeapFrog Investments Leads Funding for Battery Smart
Battery Smart’s Series-B fundraising round was headed by LeapFrog Investments, an Asian and African firm that focuses on climate, financial services, and healthcare. This investment is consistent with LeapFrog’s Climate Investment Strategy, which seeks to help innovative companies develop low-carbon technology in developing markets.
Battery Smart’s Growth Potential
Battery Smart is well-positioned to benefit from India’s predicted rapid expansion in the electric vehicle market. By 2030, the number of two-wheelers is estimated to reach 200 million, while three-wheelers will reach 12 million. Their convenient battery swapping network can alleviate range anxiety and promote greater use of electric vehicles.
Funding to Fuel Expansion and Technological Advancements
The new funding will enable Battery Smart to expand its network of swapping stations, particularly in Tier 2 and 3 cities. Additionally, they intend to invest in technology advancements to strengthen their trading infrastructure and user experience. Overall, this funding round represents a key milestone for Battery Smart and the Indian electric vehicle industry. It positions Battery Smart as a vital actor in promoting the use of electric transportation solutions in India.
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