Exclusive: Battery Smart tops up Series C round with $10 Mn

Battery-swapping startup Battery Smart has raised close to Rs 100 crore from an existing investor as it looks to expand its network for electric two- and three-wheelers. The fresh capital will support the company’s expansion plans as it continues to scale its battery-swapping network.

According to its regulatory filings accessed by Entrackr, the company allotted 18,000 compulsorily convertible preference shares (CCPS) at an issue price of Rs 54,407 per share, aggregating to approximately Rs 98 crore from Ecosystem Integrity Fund.

The round appears to be ongoing, with the Gurugram-based company likely to raise additional capital in tranches.

In August 2026, Battery Smart had raised Rs 185.5 crore ($19.5 million) in a Series C funding round led by existing investor Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures.

As per Entrackr’s the company is valued around Rs 4170 crore or  $440 million post money valuation. Battery Smart plans to use fresh proceeds to support business expansion, capital expenditure, working capital requirements and other general corporate purposes, the filings added.

Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service (BaaS) model allows users, particularly gig economy drivers, to swap batteries instead of bearing the high upfront cost of battery ownership.

With this round, Battery Smart has raised close to $52 million in 2026 across debt and equity, including $7.2 million in a pre-Series C round, $15 million in debt from Mirova and $19.5 million in Series C in August.

As of now, the company has raised over $221 million to date, with investors including Tiger Global, Blume Ventures and Ecosystem Integrity Fund.

As per the company's regulatory filings, Battery Smart's revenue surged 43.8% to Rs 358 crore in FY26 from Rs 249 crore in FY25, while its loss narrowed 12.8% year-on-year to Rs 23.55 crore.

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