Gurugram-based EV battery swapping startup Battery Smart has raised approximately Rs 98 crore ( $10 Mn ) from existing investor Ecosystem Integrity Fund as it looks to expand its battery swapping network for electric two wheelers and three wheelers. The latest capital infusion adds to the company’s fundraising activity in 2026, as it scales infrastructure for commercial EV users.
According to reports citing regulatory filings, the company allotted 18,000 compulsorily convertible preference shares (CCPS) at Rs 54,407 apiece, aggregating to around Rs 98 crore. The funding round may continue through additional tranches, although the final amount has not been confirmed.
- Battery Smart’s latest funding follows Rs 185.5 Cr Series C
In August 2026, Battery Smart raised Rs 185.5 crore (approximately $19.5 Mn) in a Series C round led by existing investor Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures. The round was reportedly raised in two tranches and valued the company at around $430 Mn post money.
Fresh capital is expected to support business expansion, capital expenditure, working capital and general corporate purposes. The company also secured $15 Mn in debt financing from Mirova in April 2026 to expand its battery as a service infrastructure and partner operated swapping stations.
- Battery as a Service model targets commercial EV users
Founded in 2020, Battery Smart operates a network that allows electric two and three wheeler users to exchange depleted batteries for charged ones instead of purchasing battery packs upfront. Its battery as a service (BaaS) model is particularly relevant to delivery riders, drivers and other commercial users for whom vehicle downtime can affect daily earnings.
Battery swapping can reduce charging downtime, but expanding the network also requires investment in batteries, stations and operating capacity. The business challenge is therefore not only to add locations, but to build enough utilisation across the network to support the cost of deploying and maintaining battery assets.
- Revenue grows as losses narrow
Battery Smart’s reported revenue rose 43.8% to Rs 358 Cr in FY26 from Rs 249 crore in FY25. Its losses narrowed 12.8% to Rs 23.55 Cr from approximately Rs 27 Cr in the previous financial year, according to recent funding coverage.
The figures point to strong revenue growth alongside an improvement in reported losses. As Battery Smart raises more capital to expand its footprint, investors will be watching whether higher network utilisation and scale can translate into sustained profitability.
