Battery Smart Founders (L-R) - Pulkit Khurana and Siddharth Sikka

Press Release

Battery Smart Raises $65m Series B Round led by LeapFrog Investments

  • The equity round saw participation from new and existing investors, including LeapFrog Investments, MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment
  • Battery Smart will utilise the capital to rapidly scale its dense battery swapping network across India and drive more electric mobility adoption.

New Delhi: Battery Smart, India’s largest and fastest-growing battery swapping network for electric two- and three-wheelers, today announced it has raised $65 million in a Series B funding round led by LeapFrog Investments, the pioneering profit with purpose firm. The equity round consisted of a mix of primary and secondary investments and saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII). The exclusive financial advisor on the funding transaction was Elluminate Capital. Battery Smart will use the added capital to fuel its next phase of expansion by bringing its battery-as-a-service solution to more cities across India.

Since the launch of Battery Smart’s first swap station in New Delhi in June 2020, the company has rapidly scaled to 1,000 stations across 30 cities, completing over 35 million swaps. Expanding its footprint nationwide, it has strategically set up stations in Tier 1, 2, and 3 cities. The company has been at the forefront of the battery swapping movement, empowering its over 45,000 active customers with convenient, low-carbon driving range. Its asset-light approach enables it to partner with Indian Small and Medium sized businesses (SMBs) and leverage their existing infrastructure to set up swap stations at a rapid pace, while also improving the livelihoods of local business owners.

Speaking on the occasion, Pulkit Khurana, Co-Founder and CEO, Battery Smart, said, “We are thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, who bring extensive expertise across banking, climate strategy, and environmental sustainability. We are also profoundly grateful for the continued support from our existing investors- Tiger Global, Blume Ventures, EIF, and BII. Their combined support showcases the growing global confidence in battery swapping as an innovative electric mobility solution and the mission of Battery Smart to make electric mobility accessible and affordable for all. The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.”

By 2030, India’s vehicle count is projected to grow to 200 million two-wheelers and 12 million three-wheelers. Battery Smart is a key player in this two and three-wheeler EV market. Its battery-as-a-service solution enables two-minute battery swaps that empower EV drivers to save time, cover greater distances, and reduce their upfront costs by up to 40%.

Nakul Zaveri, Partner and Co-Head, Climate Investment Strategy, LeapFrog Investments, said: “We view Battery Smart’s offering as a major contributor to India’s overall net zero transition – enabling not only the rapid adoption and sustained use of EVs across the country, but also the decarbonisation of the grid. This investment is a natural fit for LeapFrog’s Climate Investment Strategy, which aims to invest $500 million into innovative companies that can rapidly scale new low-carbon, low-cost technologies across growth markets in Asia and Africa. We are extremely excited to be partnering with Pulkit and Siddharth to accelerate India’s transition toward electric mobility.”

Shashank Joshi, Deputy CEO of MUFG India, commented, “This investment in Battery Smart aligns with our commitment to a zero-carbon future and our support to uplift innovative solutions that drive sustainable growth. Battery Smart’s technology-driven approach aligns with our vision of empowering businesses and communities and enhancing India’s EV infrastructure.”

One of the biggest hurdles to EV adoption in India is the lack of charging infrastructure, which creates significant anxiety for those considering the switch. Battery swapping offers a solution by providing a simple, cost-effective, and efficient way to own an EV, eliminating the need for expensive battery purchases and extensive charging infrastructure. By building a dense network of swap stations, Battery Smart is ensuring EV users are within a 1 km radius of a station, with zero wait time.


Battery Smart is India’s largest and fastest-growing battery-swapping network for electric two and three-wheelers. The company was co-founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka in 2019 – to make EV adoption simple, economical, and accessible through a unique partner-led model. Battery Smart has completed 35 million+ battery swaps, set up 1000+ swap stations, and works with over 45,000 vehicles across 30+ cities. For more information, please visit:

LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets. Its companies deliver distinctive impact and robust returns, growing revenues on average 23% a year. LeapFrog companies now reach 537 million people in 37 countries. The firm has raised billions of dollars from global institutional investors, including a recent $500m commitment by Temasek to LeapFrog and its growth equity funds. LeapFrog has twice been ranked by Fortune as one of the top Companies to Change the World and was named inaugural Pioneer in Impact by the FT and IFC at the Transformational Business Awards.

For more information, go to:

MUFG is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our clients, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit

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