Funding · Mobility & Logistics

Battery Smart raises Rs 185.5 crore Series C funding

By Startup Enthusiast · 21 August 2026

What they do

Battery Smart operates a battery-swapping network for electric two- and three-wheelers using a Battery-as-a-Service model for commercial drivers

The company raised Rs 185.5 crore in a Series C round led by Rising Tide Ventures at a Rs 4,075 crore valuation

The startup plans to use the new capital for business expansion, capital expenditure, and general corporate purposes to support its growth

Battery Smart secured Rs 185.5 crore in a Series C funding round.
The investment was led by Rising Tide Ventures with participation from Ecosystem Integrity Fund and Blume Ventures.
The company achieved a post-money valuation of Rs 4,075 crore.
The funding was completed in two tranches of approximately Rs 97 crore and Rs 88 crore.
The board approved the issuance of 34,094 Series C CCPS (compulsorily convertible preference shares) at Rs 54,407 per share.

The company reported FY26 revenue of Rs 358 crore, marking a 43.8% increase from the previous year.
Annual losses narrowed to Rs 23.55 crore in FY26, down from Rs 27 crore in FY25.
The startup has raised over $211 million in total funding to date.

The company provides a battery-swapping network for electric two- and three-wheelers.
It utilizes a Battery-as-a-Service (BaaS) model where users swap depleted batteries for fully charged ones.
Primary customers include gig economy drivers, last-mile delivery personnel, and commercial vehicle operators.
The business was founded in 2020 and is headquartered in Gurugram.
It operates under the legal entities UPGRID SOLUTIONS PRIVATE LIMITED and UPGRID ELECTRILEASE PRIVATE LIMITED.

Rising Tide Ventures (lead) — Lead investor in the Series C round.
Ecosystem Integrity Fund (participated) — Existing investor that participated in the round.
Blume Ventures (participated) — Existing investor that participated in the round.

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.