Network for changing EV batteries Tiger Global led a $25 million Series A round of funding for Battery Smart. In the previous seven months, the Gurugram-based startup has received the money in two rounds as per 30m wiggersventurebeat.
According to the company’s regulatory filings with the RoC, a special resolution was approved to allot 97,523 Series A CCPS at Rs 19,819 per share to raise Rs 193 crore, or $25 million.
Tiger Global took the top spot in the Series A round with Rs 154.6 crore, followed by Catalyst Trusteeship Limited with Rs 18.5 crore and Orios Fund with Rs 20 crore.
Following the allotment of this round, Tiger Global owns a 16% stake in the company whereas Catalyst Trusteeship Limited and Orios Fund hold 13.4% and 2.43%. Co-founders Pulkit Khurana and Siddharth Sikka currently jointly hold 41.01 percent of the business.
This fundraising effort takes place as the Indian market for electric vehicles picks up steam and more participants, such as battery swapping firms, enter the fray.
Battery Smart has already received $30M since the business’s launch in 2019. In November 2021, it had secured $7 million in a pre-series A round-headed by Orios Ventures alongside Blume and several angel investors, as well as an unnamed seed round in February.
According to the company’s documents, Battery Smart will utilize the newly acquired money to cover capital and R&D expenses as well as brand development and other general business reasons.
Currently, the company’s co-founders Pulkit Khurana and Siddharth Sikka jointly own 41.01 percent of it.
As the Indian market for electric vehicles gains momentum and additional players, such as battery swapping businesses, enter the field, this fundraising attempt is taking place.
Since the company’s 2019 start, Battery Smart has already raised $32 million. It had raised $7 million in November 2021 in a pre-series A round led by Orios Ventures, including Blume and several angel investors, as well as in a seed round that went unidentified in February.
Battery Smart will use the newly obtained funds, according to the company’s paperwork, to pay for capital and R&D expenditures as well as brand development and other general business purposes.