EV battery-swapping startup Battery Smart has raised ₹185.5 crore, or around $19.5 million, in a Series C round led by existing investor Rising Tide Ventures. Ecosystem Integrity Fund and Blume Ventures also participated in the round, valuing the Gurugram-based company at an estimated $430 million post-money.
Rising Tide Ventures contributed ₹112 crore, while Ecosystem Integrity Fund invested ₹49 crore and Blume Ventures put in another ₹25 crore. The capital was raised across two tranches, and Battery Smart plans to use the proceeds for business expansion, capital expenditure, working capital requirements and other corporate purposes.
The latest round follows a series of fundraises earlier this year. Battery Smart raised ₹66 crore in a pre-Series C round in March 2026, followed by $15 million in debt funding from Mirova in April. With the latest investment, the company has raised more than $211 million to date from investors including Tiger Global, Blume Ventures and Ecosystem Integrity Fund.
Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service model allows drivers to exchange discharged batteries for charged ones instead of owning the battery themselves, helping reduce upfront vehicle costs and charging downtime — particularly for commercial and gig-economy drivers.
The company is also showing stronger operating momentum. Revenue increased 43.8% to ₹358 crore in FY26 from ₹249 crore in FY25, while losses narrowed 12.8% to ₹23.55 crore. As electric mobility adoption grows across India, Battery Smart’s latest funding gives it additional capital to expand the physical infrastructure behind EV adoption — turning battery swapping into a larger part of the country’s everyday mobility network.
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