Gurugram-based battery tech startup Battery Smart has raised $15 million in debtfunding from Mirova, as it looks to scale its operations across India.
The funding will be used to expand Battery Smart’s battery-as-a-service infrastructure and strengthen its network of partner-led stations across key urban and semi-urban markets.
Battery Smart operates a platform that allows EV drivers to swap depleted batteries for fully charged ones within minutes. The model is designed to reduce downtime, lower upfront vehicle costs, and improve efficiency, particularly in high-usage sectors such as last-mile delivery and passenger transport.
Since launching its first partner-led station in New Delhi in June 2020, the startup has expanded to more than 1,600 stations across 50 cities. Its battery-swapping process typically takes around two minutes, enabling drivers to remain on the road with minimal disruption.
“This financing marks an important step for us as we continue to scale our battery-as-a-service network across India. With Mirova’s support, we aim to accelerate network expansion and further our focus on making electric mobility more accessible, affordable, and inclusive for drivers across the country,” said Pulkit Khurana, founder and CEO of Battery Smart.
The expansion is expected to improve access and operational uptime for gig economy drivers and fleet operators, as demand for EV adoption continues to rise.
“This transaction marks our third investment in India, thus reflecting continued commitment to supporting high-impact climate solutions in emerging markets. We are pleased to support the next phase of Battery Smart’s growth, rooted in a scalable and operationally efficient model that addresses both environmental and economic challenges, particularly in last-mile mobility,” said Priyanka Mehrotra, investment director, Mirova Division of Natixis Investment Managers Singapore Limited.
Battery Smart has raised around $192 million to date, including a $65 million Series B round and a $29 million extension. Its investors include Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.
Financially, the startup reported a 52% year-on-year rise in operating revenue to Rs 249 crore in FY25, up from Rs 164 crore in FY24.
