eMaaS Startup EVeez Strengthens Strategic Alliance with Battery Smart to Accelerate EV Adoption in India

5000 Battery Smart-powered eBikes to be deployed in Bengaluru, Hyderabad, and Chandigarh this financial year

EVeez, India's pioneering electric mobility as a service (eMaaS) startup, has announced that it has strengthened its partnership with Battery Smart, India's largest and fastest-growing battery swapping network for electric two and three wheelers. Through this strategic alliance, the duo aims to continue accelerating electric mobility adoption by deploying 5000 Battery Smart-powered eBikes across Bengaluru, Hyderabad, and Chandigarh this financial year. EVeez has already established a successful partnership with Battery Smart, having deployed over 800 eBikes in the Delhi NCR region over the past year.

Commenting on the partnership, Gaurav Rathore, Co-Founder & CEO at EVeez, said, "We are delighted to solidify our partnership with Battery Smart, a leading player in India’s battery swapping space. Together, we aim to revolutionize electric mobility by providing sustainable and convenient transportation solutions to our customers. By leveraging Battery Smart’s dense existing network, we will be able to deploy more than 5000 eBikes this financial year, reinforcing our commitment to environmental sustainability and efficient urban mobility."

“It’s great to see the rapid growth of India’s electric two-wheeler market, with more innovative players entering the space. Given our extensive presence across 18 cities, we are glad to offer EVeez’s growing fleet access to our strong network of 550+ swap stations, enabling the company to scale faster and establish a wider presence across India,” added Pulkit Khurana, Co-Founder of Battery Smart.

Battery Smart has been at the forefront of India’s battery swapping movement, having recently completed 10 million battery swaps. Its large network of Swap Stations across Tier 1, 2, and 3 cities will enable seamless operations for EVeez's fleet. The partnership harnesses the technological expertise and industry experience of both companies to drive the growth and expansion of India's electric mobility ecosystem.

EVeez, founded by IIT Bombay graduate Gaurav Rathore and NID graduate Abhishek Dwivedi, has witnessed remarkable growth, achieving a fivefold increase this year. The company has expanded its fleet from 700+ eBikes to 4000+ eBikes and has added Bengaluru and Chandigarh to its operations. EVeez has formed strategic partnerships with key stakeholders in the EV sector, including Battery Smart, Lectrix, Amo Mobility, and Hero Electric.

Looking ahead, EVeez aims to sustain its growth momentum and set ambitious targets for the fiscal year 2024, with a goal to achieve 5x growth. The company is also actively expanding its presence in new cities such as Chennai, Ahmedabad, and Pune, while further strengthening its collaboration with existing partners, including Battery Smart.

About EVeez:

EVeez is a leading provider of electric vehicle subscriptions in India, offering innovative eMaaS solutions to enhance the accessibility and affordability of EVs. Through its subscription model, EVeez enables consumers who may be deterred by the upfront costs of purchasing an EV to enjoy the benefits of electric mobility at an affordable monthly subscription. By promoting the widespread adoption of EVs, EVeez aims to contribute to a cleaner and greener future, reducing dependency on fossil fuels and mitigating the environmental impact of transportation.

For more information, please visit: https://www.eveez.in/

About Battery Smart:

Battery Smart is India’s largest and fastest-growing battery swapping network for electric two and three wheelers. The company was co-founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka in 2019 - to make EV adoption simple, economical, and accessible through a unique partner-led model. Battery Smart has completed over 10 million swaps, set up 550+ live swap stations across 18 cities, and has 18,500 electric two-and-three wheelers on its network.

For more information, please visit: https://www.batterysmart.in/

EV Battery Swapping Network Battery Smart Raises $25 Mn in Series A Funding led by Tiger Global

2.5mn+ battery swaps completed; 80mn+ emission-free kms powered

Plans to expand to new territories, strengthen technology, and ramp up hiring

Targeting a $17Bn battery swapping market by 2025

Battery Smart, India’s largest and fastest-growing battery-swapping network for electric vehicles, today announced that it has closed a Series A round of $25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures. In November 2021, it raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures, along with notable angel investors. The funds will be utilized to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.

Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60%. Its data-driven methodology and superior battery telematics have enabled it to grow exponentially. The company has completed over 2.5 million battery swaps and powered 80 million emission-free km.

Pulkit Khurana, Co-Founder, Battery Smart, said, “We are thrilled to have Tiger Global be a part of our journey to build India’s largest EV battery swapping network. Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes. With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap Stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and make key hires in our growing team.”

“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” added Connie Lee, Partner, Tiger Global.

With Niti Aayog publishing a draft battery swapping policy last month, battery swapping infrastructure and EV financing will continue to receive heightened focus from the Government. Reports show that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30% of first- & last-mile vehicle sales by 2027.

Battery Smart is building India’s largest and fastest-growing battery-swapping network for electric two and three-wheelers. The company is co-founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka. The duo are targeting a $17b swapping market by 2025 by aiming to have a swapping station at every one square km area. Operationalized in June 2020, Battery Smart seeks to revolutionize the EV sector by making the adoption of electric mobility simple, economical, and accessible through a unique partner-led model. Till date, Battery Smart has 200+ live Swap Stations across 10 cities, and has completed 2.5 million swaps; while powering 80 million emission-free kms. For more information, please visit: https://www.batterysmart.in/