Battery Smart Raises Rs 98 Crore in Series C Top-Up
Battery Smart, the Gurugram-based battery-swapping company, has raised close to Rs 100 crore from an existing investor, Ecosystem Integrity Fund.
Regulatory filings accessed by Entrackr show it allotted 18,000 compulsorily convertible preference shares at Rs 54,407 per share, aggregating to approximately Rs 98 crore.
The round appears to be ongoing, and the company is likely to raise additional capital in tranches.
The money tops up the Series C. In August 2026, the company raised Rs 185.5 crore ($19.5 million) in that round, led by existing investor Rising Tide Ventures with participation from Ecosystem Integrity Fund and Blume Ventures.
According to the filings, proceeds will go toward business expansion, capital expenditure, working capital and general corporate purposes.
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Founded in 2020, Battery Smart runs a battery-swapping network for electric two- and three-wheelers.
Its battery-as-a-service (BaaS) model allows users, particularly gig economy drivers, to swap batteries instead of bearing the high upfront cost of battery ownership.
With this round, Battery Smart has raised close to $52 million in 2026 across debt and equity, including $7.2 million in a pre-Series C round, $15 million in debt from Mirova and $19.5 million in Series C in August.
The company has raised over $221 million to date, with investors including Tiger Global, Blume Ventures and Ecosystem Integrity Fund. As per Entrackr, the company is valued at around Rs 4170 crore, or $440 million, post-money.
According to the company's regulatory filings, revenue rose 43.8% to Rs 358 crore in FY26 from Rs 249 crore in FY25, while the loss narrowed 12.8% year-on-year to Rs 23.55 crore.
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