AZB & Partners advised Tiger Global Management in the acquisition of equity stake in Battery Smart
Battery Smart, a leading battery swapping network for electric two- and three-wheelers closed a Pre-Series B round of USD 33 Mn (INR 2.72 Bn). Co-founded by entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart provides Li-ion batteries for electric two- and three-wheelers across its 698 stations and in 12 cities claiming that EV drivers can swap their batteries within two minutes.
The funding round saw participation from existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
According to the company, the additional capital will be utilized to add 100,000 customers to its network by 2025 and expand its geographic footprint.
In June 2022, Battery Smart had raised $25 million in Series A funding led by Tiger Global, along with participation from Blume Ventures and Orios Ventures.
The AZB & Partners team comprised of Partners – Srinath Dasari, Ashwath Rau, Nanditha Gopal and Gautam Rego and Senior Associate – Karishma Dugar.