Funding · Mobility & Logistics

Battery Smart raises $15M debt from Mirova

By Startup Enthusiast · 28 April 2026

What they do

Battery Smart runs a battery-swapping network for electric vehicles, letting drivers swap depleted batteries in about two minutes

It raised $15 million in debt from Mirova, an affiliate of Natixis Investment Managers, to expand its battery-as-a-service infrastructure

The company operates over 1,600 partner-led stations across 50 cities and turned EBITDA positive in FY25

Battery Smart raised $15M in debt from Mirova, an affiliate of Natixis Investment Managers.
The funds will be used to expand its battery-as-a-service (BaaS) infrastructure and strengthen partner-led stations in urban and semi-urban markets.
Battery Smart operates a battery-swapping network for electric vehicles (EVs), where drivers swap a depleted battery for a charged one in about two minutes.
The company focuses on last-mile delivery and passenger mobility segments.
It has 1,600+ partner-led stations across 50 cities.
The first partner-led station was launched in New Delhi in June 2020.
Battery Smart achieved operating break-even and turned EBITDA positive in FY25.

Mirova's third investment in India supports climate solutions in emerging markets.
The debt round comes after Battery Smart raised a $65M Series B and a $29M extension, bringing total funding to ~$192M.
Existing investors include Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.

Battery Smart runs a battery-swapping network for electric vehicles.
Drivers swap a depleted battery for a charged one in about two minutes.
The company focuses on last-mile delivery and passenger mobility.
It operates over 1,600 partner-led stations across 50 cities.
Battery Smart's operating revenue for FY25 was Rs 249 crore, up 52% year-on-year from Rs 164 crore in FY24.
The company achieved operating break-even and turned EBITDA positive in FY25.

Mirova (lead) — Affiliate of Natixis Investment Managers, debt provider focused on climate solutions.

Product: A battery-as-a-service platform for electric vehicles with partner-led swapping stations.
Customers: Commercial electric two- and three-wheeler drivers, fleet operators, and gig workers.
How it makes money: Earns from battery swapping and BaaS usage across its station network.
What sets it apart: Enables battery swaps in about two minutes and reduces downtime and upfront vehicle cost.
Operations: Operates more than 1,600 partner-led stations across 50 cities.