Battery Smart, a battery-swapping network for electric two- and three-wheelers, announced it had raised $65 million in a Series B funding round led by LeapFrog Investments. The equity round consisted of a mix of primary and secondary investments and saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII), the company said.
The firm said it would use the capital to fuel its next phase of expansion by bringing its battery-as-a-service solution to more cities across India. Pulkit Khurana, co-founder and CEO said, “The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.”
