# Battery Smart

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/battery-smart

- Industry: Energy Storage & Batteries
- Headquarters: Gurgaon, India
- Website: www.batterysmart.in
- Total disclosed funding: $98M
- Investors on record: 13

## About

Based in Gurugram, India, founded in 2019, Upgrid Solutions Private Limited, trading as Battery Smart develops a range of swappable battery systems for double, triple and four wheelers. The company was co-founded by Pulkit Khurana (CEO as of 2026) and Siddharth Sikka. In August 2026, Battery Smart raised INR 970 million in series C funding led by Rising Tide, with participation from Ecosystem Integrity Fund and Blume Ventures. The round was a part of larger INR 1.86 billion Series C funding.

Battery Smart develops a retrofittable 48V Li-ion twin battery system for electric rickshaw models. Battery Smart also provides a network of EV-battery swapping stations for three-wheeled electric rickshaws. Through an asset-light model, Battery Smart provides sustainable and convenient Li-ion battery solutions across a network of partner swap stations.

Battery Smart generates revenue primarily through fees charged for its battery-as-a-service (BaaS) model, where electric vehicle users pay per battery swap or via subscription plans for access to charged batteries. The company also earns from partnerships with fleet operators and delivery platforms, offering bulk usage plans and integrated solutions. Additional revenue comes from leasing batteries and infrastructure to partners, as well as enabling station operators through a revenue-sharing model, where local entrepreneurs run swapping stations within its network.

The company plans to use the August 2026 funding to expand its battery-swapping network and support working capital needs.

## Funding rounds

- Round, Oct 17, 2026, $1M — Ecosystem Integrity Fund
- Series C, Aug 21, 2026, $10M — Rising Tide, Blume Ventures, Ecosystem Integrity Fund
- Series C, Aug 21, 2026, $9.2M — Rising Tide, Blume Ventures, Ecosystem Integrity Fund
- Series B, Mar 30, 2025, $7.6M — LeapFrog Investments, responsAbility, Ecosystem Integrity Fund, Rising Tide, Acacia Inclusion ltd
- Series B, Jun 13, 2024, $45M — MUFG Bank, British International Investment, LeapFrog Investments, Blume Ventures, SBI Investment, Ecosystem Integrity Fund, Catalyst Trusteeship Limited, Acacia Inclusion ltd
- Series A, Jun 22, 2022, $25M — Tiger Global Management, Blume Ventures, Orios Venture Partners, Catalyst Trusteeship Limited
- Seed, Feb 29, 2020, $0.4M — Orios Venture Partners, Faad Network

## Investors

- Orios Venture Partners (https://capitalatlas.ai/funds/orios-venture-partners) — Seed, Series A
- Faad Network (https://capitalatlas.ai/funds/faad-network) — Seed
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series A
- Blume Ventures (https://capitalatlas.ai/funds/blume-ventures) — Series A, Series B, Series C
- Catalyst Trusteeship Limited — Series A, Series B
- MUFG Bank — Series B
- British International Investment — Series B
- LeapFrog Investments (https://capitalatlas.ai/funds/leapfrog-investments) — Series B
- SBI Investment (https://capitalatlas.ai/funds/sbi-investment) — Series B
- Ecosystem Integrity Fund (https://capitalatlas.ai/funds/ecosystem-integrity-fund) — Series B, Series C
- Acacia Inclusion ltd — Series B
- responsAbility (https://capitalatlas.ai/funds/responsability) — Series B
- Rising Tide — Series B, Series C