By Enersider Desk | New Delhi
Battery Smart (Upgrid Solutions Private Limited) has secured USD 15 million debt funding from Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing. The facility will support the expansion of Battery Smart’s battery-as-a-service (BaaS) infrastructure and strengthen its network of partner-led stations across urban and semi-urban markets in India. 
Image Credits: Mirova
Through its BaaS platform, Battery Smart enables electric vehicle drivers to swap depleted batteries for fully charged ones within minutes, reducing downtime and lowering upfront vehicle costs.
Since the launch of its first partner-led station in New Delhi in June 2020, Battery Smart has scaled its operations to more than 1,600 partner-led stations across 50 cities. Its model enables drivers to exchange a depleted battery for a fully charged one in approximately two minutes.
Pulkit Khurana, Founder and CEO, Battery Smart, said: “This financing marks an important step for us as we continue to scale our battery-as-a-service network across India. With Mirova’s support, we aim to accelerate network expansion and further our focus on making electric mobility more accessible, affordable, and inclusive for drivers across the country.”
Priyanka Mehrotra, Investment Director, Mirova Division of Natixis Investment Managers Singapore Limited, said: “This transaction marks our third investment in India, reflecting continued commitment to supporting high-impact climate solutions in emerging markets. We are pleased to support the next phase of Battery Smart’s growth, rooted in a scalable and operationally efficient model that addresses both environmental and economic challenges, particularly in last-mile mobility.”
TSW Capital Services Private Ltd acted as the transaction advisor for this financing.
Also Read: Peak power demand nears record 256 GW for second time on April 27th (Monday)
