Venture debt fund Stride Ventures has announced a funding of Rs 75 crore in Battery Smart. With this funding, the startup is looking to add more batteries to its network and expand to new cities across the nation.
Pulkit Khurana, Co-founder, Battery Smart, said, “By expanding our footprint across more cities and deploying additional batteries to our network, we aim to reach even more EV users nationwide.”
Stride Ventures has invested in close to 100 companies, sanctioning around $400 million across sectors. It 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.
While speaking on the debt round, Ishpreet Singh Gandhi, Founder & Managing Partner, Stride Ventures, said, “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.”
Launched in June 2020, Battery Smart aims to revolutionise the EV sector by making electric mobility simple, economical, and accessible through a unique partner-led model. 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. Thus, it eliminates the need for commissioning new real estate.
Categories: Other News