Battery Smart raises USD 25 million in Series A funding

27 Jun 2022 , 03:07 PM

Battery Smart has completed its USD 25 million series A round. According to a release, Blume Ventures and Orios Ventures also took part in the investment round, which was headed by Tiger Global.

According to Battery Smart, the money will be used to enter new markets, improve battery assignment technology, and grow the staff in order to keep expanding operations. The platform collected USD 7 million in a pre-series A financing last November that was sponsored by angel investors and headed by Blume Ventures and Orios Ventures.

Battery Smart, a company that Pulkit Khurana and Siddharth Sikka co-founded in 2020, is aiming to build switching stations in every square kilometre of the rapidly expanding battery swap industry, which is predicted to reach USD 17 billion by 2025.

According to the business, their battery-as-a-service (BaaS) concept allows for interoperable battery changing for electric vehicles in under two minutes and lowers the upfront expenditure incurred by a consumer by up to 60%. According to the business, over 2.5 million battery replacements have already been conducted.