Battery Smart, a leading battery swapping network for electric vehicles in India, has raised $29 million in its ongoing Series B funding round, signaling robust investor confidence in the country’s growing clean mobility sector. The round was led by Rising Tide Energy, a New York-based private equity firm, with additional backing from responsAbility, Ecosystem Integrity Fund, and LeapFrog Investments.
Founded by Pulkit Khurana and Siddharth Sikka, Battery Smart operates over 1,518 battery swap stations across 321+ locations in Delhi and beyond. The company offers lithium-ion battery swapping solutions for electric two- and three-wheelers, helping reduce vehicle downtime and enabling greater asset utilization for commercial EV fleets.
With more than 74.9 million swaps completed and over 68,000 EV drivers onboarded, the Gurugram-based startup is quickly becoming a cornerstone of India’s EV infrastructure. According to Tracxn, Battery Smart currently holds a 36% market share and was last valued at $451 million in May 2025. The company previously raised $73.9 million in May 2024 from investors including Blume Ventures and Tiger Global.
The latest infusion of capital will support network expansion, technology upgrades, and market penetration initiatives, further accelerating the adoption of sustainable transport solutions in high-demand areas like last-mile delivery and shared mobility.