Battery Smart, the Gurugram-based battery-swapping startup, has raised Rs 185.5 crore, or $19.5M, in a Series C led by existing investor Rising Tide Ventures. Ecosystem Integrity Fund and Blume Ventures joined the round.
Entrackr, citing regulatory filings, estimates the company is valued at around Rs 4,075 crore, or about $430M, post-money. The board approved allotting 34,094 Series C compulsory convertible preference shares at Rs 54,407 each, with the capital arriving in two tranches.
Founded in 2020, Battery Smart runs a swapping network for electric two- and three-wheelers. Its battery-as-a-service model lets gig-economy drivers swap depleted packs instead of paying the high upfront cost of owning one.
The company has raised more than $211M to date, with backers including Tiger Global, Blume Ventures and Ecosystem Integrity Fund. Its filings show revenue climbed 43.8% to Rs 358 crore in FY26 while losses narrowed 12.8% to Rs 23.55 crore.
Proceeds will fund business expansion, capital expenditure and working capital.
The round is a marker for India’s EV infrastructure race: swapping networks are winning investor favor as a cheaper alternative to universal fast charging, and Rising Tide’s repeat commitment suggests the model is moving from pilot economics to scale economics.
