Battery Smart extends Series C with $10M cheque from Ecosystem Integrity Fund

Battery Smart has topped up its Series C with $10M, and the entire cheque came from an investor already on its cap table. Regulatory filings accessed by Entrackr show the Gurugram-based company allotted 18,000 compulsorily convertible preference shares at an issue price of Rs 54,407 each, aggregating to approximately Rs 98 crore — close to Rs 100 crore — to Ecosystem Integrity Fund.

The round appears to be ongoing, with the company likely to raise additional capital in tranches. Per the filings, the fresh proceeds will support business expansion, capital expenditure, working capital requirements and other general corporate purposes, as the company continues to scale its battery-swapping network.

Founded in 2020, Battery Smart operates a battery-swapping network for electric two- and three-wheelers. Its battery-as-a-service model lets users — particularly gig economy drivers — swap batteries instead of bearing the high upfront cost of battery ownership.

The top-up lands two months after the company's larger Series C exercise. In August 2026, Battery Smart raised Rs 185.5 crore ($19.5 million) in a round led by existing investor Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures. Entrackr estimates the company's post-money valuation at around Rs 4,170 crore, or $440 million.

The equity raised this year sits alongside debt. Including this tranche, Battery Smart has pulled in close to $52 million in 2026 across debt and equity — a $7.2 million pre-Series C round, $15 million in debt from Mirova, and the $19.5 million Series C in August. Total funding to date stands at over $221 million, with backers including Tiger Global, Blume Ventures and Ecosystem Integrity Fund.

The filings also offer a look at the unit economics behind the expansion. Battery Smart's revenue surged 43.8% to Rs 358 crore in FY26 from Rs 249 crore in FY25, while its loss narrowed 12.8% year on year to Rs 23.55 crore. That combination — faster top-line growth with a shrinking loss — gives the company a stronger case as it returns to existing investors for more capital rather than pricing a fresh round with new backers.

For a swapping business, the capital intensity is structural: every additional swap station and battery pack in circulation is upfront spend before it earns. The filings' emphasis on capex and working capital reflects that model, and the decision to draw the money in tranches rather than all at once suggests the company is matching the pace of fundraising to the pace of network rollout.

The electric two- and three-wheeler segment remains the volume end of India's EV market, and battery swapping competes with owned-battery charging on convenience and upfront cost. Battery Smart's pitch rests on removing that upfront cost for drivers who earn from the vehicle daily.