Battery Smart raised undisclosed seed round led by Orios Venture Partners

Battery Smart, that is constructing a network of EV-battery swapping stations for three-wheeled e-rickshaws, lately raised a seed round of an undisclosed amount led by Orios Venture Partners, an early-stage venture capital fund. Angel investment platform Faad Network also participated in the funding round.

“The earnings of e-rickshaw drivers is capped as they use lead acid batteries that need 10 hours of charging time and have a limited battery life of six months. With Battery Smart, we plan to change that. Now, they will have access to a retrofittable Li-ion battery-as-a-service solution that provides them with a ‘two-minute’ battery swapping facility,” said Pulkit Khurana and Siddharth Sikka, Co-founders, Battery Smart.

Battery Smart already boasts of 25 operational battery swap stations in Delhi carrying over 1000 battery swaps every week on its network. The company aims to set up a battery swapping station in every square km by opening 300 battery swapping stations in Delhi-NCR by the year end and onboard 5,000 e-rickshaw drivers on its platform in the next 10 months. The fresh funds raised would be used towards the same.

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