Battery Smart, the electric-vehicle battery-swapping startup, has raised ₹185.5 crore ($19.5 million) in a Series C round led by existing investor Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures, according to the company’s filings with the Registrar of Companies (RoC). The round was structured as 34,094 Series C compulsorily convertible preference shares at an issue price of ₹54,407 each, raised across two tranches of roughly ₹97 crore and ₹88 crore. Rising Tide Ventures contributed ₹112 crore, Ecosystem Integrity Fund ₹49 crore and Blume Ventures ₹25 crore.
Entrackr estimates the round values Battery Smart at around ₹4,075 crore ($430 million) post-money; the company has not officially confirmed a valuation. That estimate sits below the roughly $450 million the company was reported to have been valued at during its extended Series B round in mid-2025, making this a flat-to-down round by that measure. The raise follows a busy financing stretch: a ₹66 crore pre-Series C round in March 2026 from Acacia Inclusion, Blume Ventures and PC-SBI Kurashi Visionary Fund, and $15 million in debt from Mirova in April. Battery Smart has now raised more than $211 million to date, with backers including Tiger Global, Blume Ventures and Ecosystem Integrity Fund.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, both IIT Kanpur alumni, Gurugram-based Battery Smart runs a battery-swapping network for electric two- and three-wheelers, letting gig-economy drivers swap a depleted battery for a charged one in minutes rather than bearing the upfront cost of ownership or the downtime of charging. The company said the fresh proceeds will support business expansion, capital expenditure, working capital and general corporate purposes, and it is reported to be preparing to file draft IPO papers around September or October.
The operating numbers behind the raise are improving even as the valuation has not kept pace: per its RoC filings, Battery Smart’s FY26 revenue rose 43.8% to ₹358 crore, while its net loss narrowed to ₹23.55 crore, with the company reported to have reached operational break-even during the year. That combination — a capital-intensive, asset-heavy swapping network approaching profitability just as it heads towards a public listing — is likely to anchor the pitch in its IPO prospectus.
The tension in the round is that an improving business and a flat-to-down price are pointing in different directions, which typically signals that the company’s earlier private mark ran ahead of what public-market investors will pay for infrastructure-heavy EV assets. Battery Smart competes with Sun Mobility, VoltUp and Mooving in swapping, and with steadily improving fast-charging as the alternative technology path. With an IPO filing expected within weeks, the company has little room for the FY26 break-even claim to slip when its draft papers are scrutinised against the June-quarter numbers.
