Battery Smart, a battery technology startup, has successfully raised $45 million in its latest funding round. The investment comes from a consortium of backers, including Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment.

According to regulatory filings accessed from the Registrar of Companies, Battery Smart’s board has passed a special resolution to issue 87,113 Series B CCPS at an issue price of Rs 43,203 each, raising Rs 376.35 crore ($45 million). Acacia Inclusion spearheaded the investment with Rs 124.75 crore, followed by MUFG Bank and Blume Ventures with Rs 93.56 crore and Rs 41.58 crore, respectively. The Ecosystem Integrity Fund contributed Rs 41.58 crore, while British International Investment and PC-SBI Kurashi Visionary Fund joined with Rs 49.90 crore and Rs 24.94 crore, respectively.

Post-allotment, key stakeholders in Battery Smart include Blume Ventures, holding a significant 14.43% stake, while Acacia Inclusion and Ecosystem Integrity possess 9.83% and 6.56%, respectively.

According to estimates by TheKredible, the Gurugram-based startup achieved a valuation of Rs 2,830 crore or $341 million through this funding round, marking a substantial 62.5% increase from its pre-Series B valuation of $210 million in November of the previous year.

The funding round is ongoing, suggesting potential for further investment and valuation adjustments. Battery Smart has already raised $33 million in a pre-Series B round in July of the previous year, accumulating over $120 million in total from investors such as Tiger Global, Orios Venture Partners, Shimshon Finance, and Baring Private Equity.

Specializing in advanced lithium-ion batteries for electric two and three-wheelers, Battery Smart offers a unique battery-as-a-service (BaaS) solution that enables customers to avoid high upfront costs by swapping depleted batteries for fully charged ones at any of its swapping stations. The company boasts a network of 1,000 swapping stations across 30 cities, having completed over 35 million battery swaps. Its operations span across Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.

Despite its rapid revenue growth, which surged seven-fold to Rs 55.8 crore for the fiscal year ending March 2023 compared to Rs 7.95 crore in FY22, Battery Smart also saw its losses increase significantly. Losses ballooned 4.9 times to Rs 64.51 crore during FY23 from Rs 13.08 crore in the previous fiscal year. The company is yet to disclose its audited results for FY24.

Battery Smart faces competition from industry players like Sun Mobility, Bounce Infinity, Lithium Power, Lohum, Chargeup, and RACEnergy.