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Battery Smart (Upgrid Solutions Private Limited), a battery swapping network for electric vehicles, has secured USD 15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing.
The fresh funds will be used to expand its battery-as-a-service (BaaS) infrastructure and strengthen its network of partner-led stations across key urban and semi-urban markets in India. The expansion is expected to improve access to battery swapping services for gig workers and fleet operators.
Founded in 2019 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, and headquartered in New Delhi, Battery Smart operates a network that enables electric two- and three-wheeler users to swap depleted batteries for fully charged ones in a matter of minutes. This system helps reduce waiting time and lowers the upfront cost of electric vehicle ownership.
The startup currently runs more than 1,600 partner-led stations across 50 cities, focusing on last-mile delivery and passenger mobility segments. Its model aims to improve efficiency for drivers by reducing downtime associated with charging.
Battery Smart has raised around USD 192 million in funding to date, including a USD 65 million Series B round and a USD 29 million extension. Its investors include Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.
The latest funding is expected to support further network expansion and strengthen its role in India’s growing electric mobility ecosystem.
This article was originally
published by the 
