According to reports, battery-swapping services provider Battery Smart has raised Rs 376 crore ($45 million) from Acacia Inclusion Ltd, MUFG Bank, Blume Ventures, Ecosystem Integrity Fund, PC-SBI Kurashi Fund and British International Investment.

The company filed with the Registrar of Companies, Blume Ventures, British International participation, and Ecosystem Integrity Fund has expanded its participation in the company, while Acacia Inclusion, MUFG Bank, and PC-SBI Kurashi Fund are new investors.

Acacia Inclusion spearheaded the round with a 125 crore investment. PC-SBI Kurashi contributed Rs 25 crore, while MUFG Bank invested Rs 94 crore. Blume Ventures and Ecosystem Integrity Fund each contributed Rs 42 crore, and British International Investment contributed Rs 49 crore of the current investors' total.

At an issue price of Rs 43,203 per share, the company issued 87,113 Series B compulsorily convertible preference shares to the investors, as per reports.

The company operates in 25 places from Rajasthan to Eastern Uttar Pradesh and offers batteries as a service. The Delhi-based company has been aiming to grow into cities like Mumbai, Bengaluru, Pune, and Kolkata in addition to the country's northern region.

It collected $33 million from investors including British International Investment, Blume Ventures, Tiger Global, and Ecosystem Integrity Fund in July of last year. Khurana says the funding was a portion of a bigger round, but she would not elaborate on its size or timing.

Battery Smart, established in 2019 by Khurana and Siddharth Sikka, promises to offer two- and three-wheeler electric cars the ability to replace their batteries in just two minutes. Electric three-wheelers, most of which are owned by the drivers, account for the majority of its revenue; two-wheelers make up the remaining portion. The majority of its clients utilize their cars for work-related activities.