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India-based battery-swapping service provider Battery Smart has secured a debt funding facility of more than USD 13 million from responsAbility Investments AG to expand its battery-swapping infrastructure across the country. The fresh capital will be used to scale the company's Battery-as-a-Service (BaaS) network and strengthen its partner-led battery-swapping station network.
According to industry sources, this is the fourth financing agreement between Battery Smart and responsAbility Investments AG in the past 18 months, taking responsAbility's total commitment to the company to more than USD 50 million.
The investment will primarily support the expansion of battery-swapping infrastructure for electric two-wheelers and three-wheelers, especially those used in last-mile delivery and passenger transport services.
Battery swapping enables EV users to replace a depleted battery with a fully charged one within minutes, significantly reducing charging downtime. The Battery-as-a-Service (BaaS) model also lowers the upfront cost of EV ownership by allowing users to access batteries as a service instead of purchasing them outright.
Battery Smart currently operates more than 1,600 battery-swapping stations across over 70 cities and serves more than 100,000 active drivers. The new funding is expected to support the addition of more swapping stations and further strengthen the company's presence as battery-swapping adoption continues to grow in India's electric mobility ecosystem.
