BatterySmart said the new funding will be used to power its next stage of expansion.
 "BatterySmart Raises $65M in Funding Round Led by LeapFrog Investments")
Press Trust of India Mumbai
Battery swap network Battery Smart said on Tuesday it had raised $65 million in a combined primary and secondary funding round led by LeapFrog Investments.
The Series B funding round also saw participation from new and existing investors, including Mitsubishi UFJ Bank, Panasonic, Ecosystem Integrity Fund (EIF), Bloom Ventures and British International Investment (BII), the company said in a statement.
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Battery Smart said the new funding will be used to fuel the company’s next expansion phase.
“The new funding will enable us to accelerate our expansion, improve our technology and strengthen our market presence,” said Pulkit Khurana, co-founder and CEO of Battery Smart.
Since opening its first swap station in the capital four years ago, the company says it has rolled out 1,000 stations across 30 cities, completed over 35 million swaps, and expanded its footprint across the country by setting up charging stations in tier 1, 2 and 3 cities.
“This investment fits perfectly with Leapfrog’s climate investment strategy, which aims to invest $500 million in innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa,” said Nakul Zaveri, partner and co-head of climate investment strategy at Leapfrog Investments.
According to Battery Smart, by 2030, India’s vehicle population is expected to grow to 200 million two-wheelers and 12 million three-wheelers.
The company said Elminate Capital acted as exclusive financial advisor to the financing transaction.
