Battery Smart announced on Tuesday that it has successfully raised $65 million in a funding round, with LeapFrog Investments leading the charge. The funding, which includes both primary and secondary investments, marks a significant milestone for the battery swapping network.

The Series-B funding round saw the participation of various investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII), alongside both new and existing backers, as stated by the company in a press release.

According to Battery Smart, the freshly acquired funds will be deployed to propel the company into its next phase of expansion. Pulkit Khurana, Co-Founder and CEO of Battery Smart, expressed his optimism about the future, stating, “The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.”

Having initiated its journey with the launch of its first swap station in the National Capital four years ago, Battery Smart has rapidly grown to encompass 1,000 stations spread across 30 cities. The company has completed over 35 million swaps and has extended its reach nationwide with charging stations established in tier 1, 2, and 3 cities.

LeapFrog Investments sees this investment as aligned with its Climate Investment Strategy, aimed at injecting $500 million into innovative companies capable of swiftly scaling new low-carbon, low-cost technologies across growth markets in Asia and Africa, noted Nakul Zaveri, Partner and Co-Head of Climate Investment Strategy at LeapFrog Investments.

Battery Smart highlighted the immense potential of India’s burgeoning vehicle market, projecting a surge to 200 million two-wheelers and 12 million three-wheelers by 2030.