EV battery-swapping startup Battery Smart has raised Rs 185.5 crore or $19.50 million in its Series C funding round led by existing investors Rising Tide Ventures with the participation from Ecosystem Integrity Fund and Blume Ventures.
In March 2026, the company had raised Rs 66 crore in a pre-Series C round from Acacia Inclusion, Blume Ventures and PC-SBI Kurashi Visionary Fund, a funding round reported exclusively by Entrackr. This was followed by a $15 million debt funding from Mirova in April.
The board at Battery smart approved the allotment of 34,094 Series C CCPS at an issue price of Rs 54,407 each to raise the aforesaid amount, according to its regulatory filings with the Registrar of Companies (RoC).Rising Tide Ventures led the round with Rs 112 crore or $11.8 million , followed by Ecosystem Integrity Fund and Blume Ventures which invested Rs 49 crore and Rs 25 crore respectively.
The Gurugram-based company raised the capital across two tranches, with the first tranche comprising nearly Rs 97 crore and the second tranche amounted at Rs 88 crore.
As per Entrackr’s estimate the company is valued at around Rs 4075 crore or $430 million post-money. The proceeds will be used to support business expansion, capital expenditure, working capital requirements, and other general corporate purposes, as per filings.
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.
The company has raised over $211 million to date, with investors including Tiger Global, Blume Ventures and Ecosystem Integrity Fund.As per the company’s regulatory filing, its revenue surged 43.8% to Rs 358 crore in FY26 from Rs 249 crore in FY25, while loss declined by 12.8% to Rs 23.55 crore from Rs 27 crore in the previous fiscal.
-Entrackr