Battery Smart Raises Nearly ₹100 Crore Top-Up — Startup Funding India, October 2026

Battery-as-a-service pioneer Battery Smart has raised close to ₹100 crore in a fresh top-up to its Series C round from existing investor Ecosystem Integrity Fund, startup funding in India tracking showed on October 17, 2026. Regulatory filings accessed by Entrackr reveal the Gurugram-based company issued 18,000 compulsorily convertible preference shares at an issue price of ₹54,407 each — aggregating to roughly ₹98 crore.

The round is reported to be continuing, with Battery Smart expected to draw additional capital in a next tranche. The top-up follows a busy financing calendar for the EV infrastructure company: in August 2026 it raised ₹185.5 crore ($19.5 million) in a Series C round led by Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures — in two tranches of roughly ₹97 crore and ₹88 crore. Earlier in the year it secured a ₹66 crore pre-Series C round and $15 million in debt from Mirova.

Startup funding India: EV swapping scales up

Founded by IIT Kanpur alumni Pulkit Khurana and Siddharth Sikka, Battery Smart runs a battery-swapping network for electric two- and three-wheelers that lets gig-economy drivers exchange a depleted battery for a fully charged one in minutes. Its post-money valuation is estimated at around ₹4,170 crore (~$440 million), and the company has now raised more than $221 million in total from backers including Tiger Global, Blume Ventures and Ecosystem Integrity Fund.

The fresh capital will go toward business expansion, capital expenditure and working capital as it densifies its swapping network across urban and semi-urban commercial corridors. Battery Smart is also reported to be preparing to file draft IPO papers — a milestone that would make this top-up one of the last private cheques before listing.