Climate and Clean Tech | June 12, 2024

LeapFrog backs Battery Smart to swap batteries for two- and three-wheelers in India

Lucy Ngige and Jessica Pothering
Guest Author

Lucy Ngige

ImpactAlpha Editor

Jessica Pothering

India-based Battery Smart has built a network of more than 1,000 battery swapping stations to accelerate the country’s transition to electric vehicles. The company serves drivers of electric motorbikes and rickshaws, which make up the majority of vehicles on India’s roadways.

LeapFrog Investments led the company’s $65 million Series B round. It’s the first deal in LeapFrog’s $500 million climate strategy, launched last year. Other investors in the round include Panasonic, Ecosystem Integrity Fund, Japan’s MUFG Bank, Blume Ventures and British International Investment.


Small vehicles account for 30% of India’s transport-related carbon emissions and are a big driver of its urban air pollution.

“Indians’ greatest anxiety in switching to EVs remains the lack of charging infrastructure, followed by other concerns like upfront cost, safety, and driving range,” LeapFrog’s Nakul Zaveri told ImpactAlpha.

An estimated half of India’s new motorbikes and one-third of rickshaws will be electric by 2030.

Battery Smart says it has completed 35 million EV battery swaps for 45,000 vehicles. It is partnering delivery service Zepto to support its goal of getting 10,000 electric delivery vehicles on the road.

EV excitement

Battery Smart’s Series B round will help make battery swapping “an essential e-mobility service for riders who demand convenience, higher range and greater earning potential, without the high costs,” Zaveri said.

Electric vehicles, and the battery tech and infrastructure supporting them, are a key sector for climate tech investors in India. British International Investment recently backed two other EV startups in India: manufacturer Euler Motors and EV financing firm Turno.