Battery Smart, a battery-swapping startup focused on electric two- and three-wheelers, has secured close to ₹100 crore from existing investor Ecosystem Integrity Fund. The Gurugram-based company allotted 18,000 compulsorily convertible preference shares at an issue price of ₹54,407 per share to raise fresh capital. The investment is expected to accelerate the expansion of its battery-swapping network and support the growing demand for affordable electric mobility solutions across India.
Fundraise Details and Structure
According to regulatory filings accessed by Entrackr, the company issued 18,000 compulsorily convertible preference shares at an issue price of ₹54,407 per share, aggregating to approximately ₹98 crore. The capital was contributed entirely by Ecosystem Integrity Fund, an existing investor that has backed the company through multiple stages of growth. The round appears to be ongoing, with the Gurugram-based company likely to raise additional capital in subsequent tranches.
Previous Funding Round
Battery Smart had previously raised ₹185.5 crore, or US$19.5 million, in a Series C funding round led by existing investor Rising Tide Ventures. Ecosystem Integrity Fund and Blume Ventures also participated in that round, reinforcing their confidence in the company's battery-swapping model. The infusion helped the startup scale its operations and strengthen its position in the expanding electric vehicle infrastructure segment.
Investor Base and Support
To date, Battery Smart has raised more than US$221 million in total funding from a broad set of institutional and venture capital investors. Its backers include Tiger Global, Blume Ventures, and Ecosystem Integrity Fund, among others. The repeated participation of existing investors across successive funding rounds highlights sustained confidence in the startup's growth strategy and the long-term market opportunity in electric mobility.
Company Overview and Business Model
Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service model allows users, particularly gig economy drivers, to swap batteries instead of bearing the high upfront cost of battery ownership. This asset-light approach helps reduce vehicle operating costs, minimizes downtime, and supports faster adoption of electric vehicles among commercial users.
Financial Performance and Valuation
Battery Smart's regulatory filings show that revenue surged 43.8% to ₹358 crore in FY26 from ₹249 crore in FY25, indicating strong top-line growth. Its loss narrowed 12.8% year on year to ₹23.55 crore, reflecting improved operating efficiency during the same period. According to Entrackr, the company is valued at approximately ₹4,170 crore, or US$440 million, on a post-money basis after this transaction.
Use of Proceeds and Expansion Plans
Battery Smart plans to deploy the fresh proceeds toward business expansion, capital expenditure, working capital requirements, and other general corporate purposes. The capital will support the scaling of its battery-swapping network and the strengthening of its operational infrastructure across multiple markets. The ongoing round may also bring additional investors as the company continues to execute its growth strategy and expand its service footprint.
The latest infusion from Ecosystem Integrity Fund signals sustained investor confidence in Battery Smart's battery-as-a-service model and its ability to scale efficiently. With rising revenue, a narrowing loss, and a growing network, the company is consolidating its position in India's electric mobility ecosystem. The fresh capital is expected to support the next phase of expansion and deepen its impact on electric two- and three-wheeler adoption among commercial users.
Source: Entrackr