Battery Smart raises $19.5M Series C at $430M valuation

What's the deal? Indian EV battery-swapping startup Battery Smart has raised $19.5 million (US$25.2M) in a Series C round led by existing backer Rising Tide VenturesDealroom has a profile for this one. Try Dealroom →. The company is valued at around $430 million post-money, according to Entrackr's estimate.

Who's in? Rising Tide Ventures invested $11.8 million (US$15.2M), while Ecosystem Integrity FundDealroom has a profile for this one. Try Dealroom → and Blume Ventures invested US$6.65M and US$3.4M respectively. The capital was raised across two tranches.

What it funds. The proceeds will support business expansion, capital expenditure, working capital and general corporate purposes, according to regulatory filings.

The business. Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service model lets users, particularly gig-economy drivers, swap batteries instead of bearing the upfront cost of battery ownership.

Recent financing. The round follows a US$8.96M pre-Series C in March 2026 and $15 million in debt from MirovaDealroom has a profile for this one. Try Dealroom → in April 2026. Earlier backers include Tiger Global.

Operating figures. Battery Smart reported revenue of US$48.6M in FY26, up from US$33.8M in FY25, while its loss narrowed to US$3.2M from US$3.67M. The company has raised over $211 million to date, according to the report.

Read more: Entrackr

Image credit: BatterySmart