NEW DELHI: Venture debt fund Stride Ventures on Thursday said it has invested Rs 75 crore in battery swapping network provider Battery Smart. Providing swapping networks for electric two and three-wheelers, it will use the fund to add more batteries to its network and expand to new cities across India.
Till date, the start-up has completed over 60 lakh battery swaps, setting up more than 440 live swap stations with over 13,000 customers in over 12 cities in India, it added.
“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,” Stride Venture founder and managing partner Ishpreet Singh Gandhi said.
Battery Smart co-founder Pulkit Khurana said it is keen to strengthen its EV battery-swapping network in India.