Stride Ventures on Thursday announced investing ₹75 crore in Battery Smart, a startup in the EV battery-swapping network for electric two and three-wheelers space.
The startup plans to deploy the funds towards adding more batteries and expanding to new cities across the nation.
“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, the startup 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.
The startup aims to change the EV sector by making electric mobility simple, economical and accessible through a unique partner-led model. According to the company, the model allows the company to leverage the existing infrastructure whilst collaborating with local businesses such as small garages and mom-and-pop shops to set up swap stations at a rapid pace, eliminating the need for commissioning new real estate.
“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 said that it has invested in close to 100 companies, sanctioning around $400 million across sectors, and remains bullish on the growth prospects and value proposition of EV segments like OEMs, EV Financing, infrastructure, and mobility solutions as the space is attracting significant financing and funding interest in 2022.