Battery Smart, a company that provides battery-swapping services, has raised $29 million in new funding. This is part of its ongoing Series B investment round.
The funding round was led by Rising Tide Energy, a private equity firm based in New York. Other investors who also took part include responsAbility, Ecosystem Integrity Fund, and LeapFrog Investments.
The company plans to use the new funds to grow in the cities where it already operates and to expand into new areas.
Battery Smart runs more than 1,518 battery swapping stations at over 321 locations in Delhi. In May 2024, the company raised $73.9 million from investors like Blume Ventures, LeapFrog Investments, and responsIbility, according to Tracxn data.
Battery Smart, based in Gurugram, was valued at $451 million as of May 8, 2025. Major investor Tiger Global backs the company.
According to Tracxn, Battery Smart holds a 36% share of the battery swapping market. It competes with other companies like VoltUp, SUN Mobility, and Moving.
Pulkit Khurana and Siddharth Sikka started Battery Smart. The company provides lithium-ion battery swapping services for electric two-wheelers and three-wheelers through its network of stations.
According to the company’s website, Battery Smart has completed more than 74.9 million battery swaps since it started. It has also added over 68,000 electric vehicle (EV) drivers to its network.
Battery swapping is a different option from regular charging. It lets drivers quickly replace a low battery with a charged one, saving time compared to waiting for a battery to charge.
This faster method helps vehicles stay on the road longer, which is useful for businesses. That’s why it’s popular in areas like last-mile delivery and shared transport services.
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