EV battery-swapping startup Battery Smart has raised Rs 185.5 crore or $19.50 million in its Series C funding round led by existing investors Rising Tide Ventures with the participation from Ecosystem Integrity Fund and Blume Ventures.In March 2026, the company had raised Rs 66 crore in apre-Series Cround from Acacia Inclusion, Blume Ventures and PC-SBI Kurashi Visionary Fund, a funding round reported exclusively byEntrackr. This was followed by a$15 milliondebt funding from Mirova in April.The board at Battery smart approved the allotment of 34,094 Series C CCPS at an issue price of Rs 54,407 each to raise the aforesaid amount, according to its regulatory filings with theRegistrar of Companies (RoC). Rising Tide Ventures led the round with Rs 112 crore or $11.8 million , followed by Ecosystem Integrity Fund and Blume Ventures which invested Rs 49 crore and Rs 25 crore respectively.The Gurugram-based company raised the capital across two tranches, with the first tranche comprising nearly Rs 97 crore and the second tranche amounted at Rs 88 crore.As perEntrackr’sestimate the company is valued at around Rs 4075 crore or $430 million post-money. The proceeds will be used to support business expansion, capital expenditure, working capital requirements, and other general corporate purposes, as per filings. Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service (BaaS) model allows users, particularly gig economy drivers, to swap batteries instead of bearing the high upfront cost of battery ownership. The company has raised over $211 million to date, with investors including Tiger Global, Blume Ventures and Ecosystem Integrity Fund. As per the company’s regulatory filing, its revenue surged 43.8% to Rs 358 crore in FY26 from Rs 249 crore in FY25, while loss declined by 12.8% to Rs 23.55 crore from Rs 27 crore in the previous fiscal. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
