What’s the deal? Indian EV battery-swapping startup Battery Smart has raised $19.5 million (Rs 185.5 crore) in a Series C round led by existing backer Rising Tide Ventures. The company is valued at around $430 million post-money, according to Entrackr’s estimate.
Who’s in? Rising Tide Ventures invested $11.8 million (Rs 112 crore), while Ecosystem Integrity Fund and Blume Ventures invested Rs 49 crore and Rs 25 crore respectively. The capital was raised across two tranches.
What it funds. The proceeds will support business expansion, capital expenditure, working capital and general corporate purposes, according to regulatory filings.
The business. Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service model lets users, particularly gig-economy drivers, swap batteries instead of bearing the upfront cost of battery ownership.
Recent financing. The round follows a Rs 66 crore pre-Series C in March 2026 and $15 million in debt from Mirova in April 2026. Earlier backers include Tiger Global.
Operating figures. Battery Smart reported revenue of Rs 358 crore in FY26, up from Rs 249 crore in FY25, while its loss narrowed to Rs 23.55 crore from Rs 27 crore. The company has raised over $211 million to date, according to the report.
Read more: Entrackr
Image credit: BatterySmart
