Tiger Global-backed Battery Smart raises Rs 75 cr in funding from Stride

Company will use the financing to add more batteries to its network and expand services

Battery Smart, the Gurugram-based battery swapping solutions provider, has raised Rs 75 crore from Venture debt fund Stride Ventures.

The company said it will use the money to add more batteries to its network and expand its services to new cities. "We are excited that Stride Ventures will be a part of the endeavor to further strengthen our EV battery-swapping network in India. By expanding our footprint across more cities and deploying additional batteries to our network, we aim to reach even more EV users nationwide," said Pulkit Khurana, co-founder, Battery Smart.

Stride Ventures has invested in some 100 companies, disbursing around $400 million across sectors. “We are excited to partner with Battery Smart as they look to expand their innovative business model that connects key players in the electric vehicle ecosystem. By working towards building a robust EV ecosystem, Battery Smart is taking a proactive approach to drive the adoption of electric transportation, and we are proud to support their efforts,” said Ishpreet Singh Gandhi, Founder and Managing Partner, Stride Ventures.

This comes after the start-up raised $25 million in a Series A funding from Tiger Global earlier this year. In November, Battery Smart raised another $7 million from Blume Ventures and Orios Ventures.