Battery Smart tops up Series C with $10 Mn to expand swapping network

Battery Smart has raised close to Rs 100 crore as a Series C top-up from Ecosystem Integrity Fund, an existing investor. According to regulatory filings accessed by Entrackr, the company 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, with the Gurugram-based company likely to raise additional capital in tranches.

The fresh capital is planned for business expansion, capital expenditure, working capital requirements and general corporate purposes. Battery Smart is expanding a battery-swapping network focused on electric two- and three-wheelers. Its battery-as-a-service model lets users, particularly gig economy drivers, swap batteries instead of bearing the high upfront cost of battery ownership.

In August 2026, Battery Smart raised Rs 185.5 crore, or $19.5 million, in a Series C round led by Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures. Entrackr reported the company is valued around Rs 4,170 crore, or $440 million, post money. With the latest round, Battery Smart has raised close to $52 million in 2026 across debt and equity, including a $7.2 million pre-Series C round, $15 million in debt from Mirova and the August Series C.

Battery Smart has raised over $221 million to date, with investors including Tiger Global, Blume Ventures and Ecosystem Integrity Fund. Its revenue rose 43.8% to Rs 358 crore in FY26 from Rs 249 crore in FY25, while losses narrowed 12.8% year-on-year to Rs 23.55 crore, according to regulatory filings cited by Entrackr. For readers tracking EV infrastructure, the takeaway is straightforward: Battery Smart is pairing network expansion with fresh capital and improving reported operating metrics.