Fueling EV expansion, Battery Smart secures $15 million debt to scale battery-swapping network, targeting wider access across India’s growing EV market.
Battery Smart has secured $15 million in debt financing from Mirova to expand its electric vehicle (EV) infrastructure across India, as demand for battery-swapping services continues to grow.
The Gurugram-based company said the funds will be used to scale its battery-as-a-service (BaaS) network and strengthen its partner-led swapping stations in urban and semi-urban areas.
The model allows EV users to exchange depleted batteries for fully charged units within minutes, reducing downtime and lowering upfront vehicle costs, particularly for high-usage segments such as last-mile delivery and passenger transport.
Since launching its first station in New Delhi in June 2020, Battery Smart has expanded its footprint to more than 1600 stations across 50 cities. The battery-swapping process typically takes around two minutes, enabling drivers to resume operations with minimal interruption.
The company indicated that the expansion will focus on improving accessibility and operational efficiency for gig-economy drivers and fleet operators as adoption of electric mobility increases.
Mirova, part of Natixis Investment Managers, said the investment reflects its continued focus on climate-related solutions in emerging markets. The firm noted that battery-swapping models can address both environmental concerns and cost challenges in India’s mobility sector.
Battery Smart has raised approximately $192 million to date, including earlier equity funding rounds backed by investors such as Tiger Global Management, Blume Ventures and Ecosystem Integrity Fund.
Financially, the company reported a 52% year-on-year increase in operating revenue to ₹2.49 billion in FY25, compared with ₹1.64 billion in FY24, indicating growth alongside network expansion.
