Battery Smart (Upgrid Solutions Private Limited) has raised USD 15 million debt funding from Mirova, a sustainable-investment affiliate of Natixis Investment Managers. Mirova will support the expansion of Battery Smart battery-as-a-service (BaaS) infrastructure and strengthen its network of Partner- led stations across key urban and semi-urban markets in India.
Through its BaaS platform, Battery Smart is working to make electric mobility more accessible and cost-effective, helping accelerate the adoption of cleaner last-mile mobility solutions. By enabling electric vehicles (EV) drivers to swap depleted batteries for fully charged ones within minutes, the company significantly reduces downtime, lowers upfront vehicle costs, and improves asset utilisation, particularly for high-usage segments such as last-mile delivery and passenger mobility.
Powering the Next Phase of India’s Electric Mobility Transition
Since the launch of its first Partner-led station in New Delhi in June 2020, Battery Smart has rapidly scaled its operations to more than 1,600 Partner- led stations across 50 cities. Its model enables drivers to exchange a depleted battery for a fully charged one in approximately two minutes, ensuring uninterrupted mobility and maximizing time on the road.
This move aligns with Battery Smart’s mission to accelerate electric mobility adoption through a scalable battery-as-a-service ecosystem in India. The planned expansion will strengthen the company’s ability to serve gig economy drivers and fleet operators, improving access, uptime, and overall economics as EV adoption continues to gain momentum.
Pulkit Khurana, Founder and CEO, Battery Smart, said: “This financing marks an important step for us as we continue to scale our battery-as-a-service network across India. With Mirova’s support, we aim to accelerate network expansion and further our focus on making electric mobility more accessible, affordable, and inclusive for drivers across the country.”
Priyanka Mehrotra, Investment Director, Mirova Division of Natixis Investment Managers Singapore Limited1: “This transaction marks our third investment in India, thus reflecting continued commitment to supporting high-impact climate solutions in emerging markets. We are pleased to support the next phase of Battery Smart’s growth, rooted in a scalable and operationally efficient model that addresses both environmental and economic challenges, particularly in last-mile mobility.”
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