Battery-swapping services provider Battery Smart has raised $65 million in an expanded series B funding led by LeapFrog Investments.
The equity round also saw participation from MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII).
The company will use the funding to expand its battery as a service network to more regions including tier 2 and tier 3 cities.
“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,” LeapFrog Investments said.
Battery Smart provides advanced lithium-ion batteries for electric two and three-wheelers which can be swapped at any of its 1,000 swapping stations.
Battery Smart has till date secured over $100 million from key investors including Tiger Global.
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