Battery Smart, a battery swapping network for electric vehicles, has raised $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers.
The proceeds will be used to expand its battery-as-a-service (BaaS) infrastructure and strengthen its network of partner-led stations across urban and semi-urban markets.
Founded by Pulkit Khurana, Battery Smart enables EV drivers to swap depleted batteries with charged ones within minutes, reducing downtime and lowering upfront vehicle costs.
The startup currently operates more than 1,600 partner-led stations across 50 cities. Its platform is focused on serving last-mile delivery and passenger mobility segments.
The funding will support expansion of its network and improve access for gig workers and fleet operators. To date, Battery Smart has raised around $192 million in funding, including its $65 million Series B round and $29 million extended Series B round. Its cap table includes prominent investors such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.
On the financial front, the company reported a 52% year-on-year increase in operating revenue to Rs 249 crore in FY25, compared to Rs 164 crore in FY24.
In a recent announcement, Battery Smart also stated that it has achieved operating break-even and turned EBITDA positive.