Gurugram-based Battery Smart, a battery-swapping network for electric two- and three-wheelers operated by Upgrid Solutions, has secured $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing.

The company said the funding will be used to expand its battery-as-a-service infrastructure and strengthen its partner-led battery-swapping station network across urban and semi-urban markets in India.

Battery Smart operates a platform that allows electric vehicles (EVs) to exchange depleted batteries for fully charged ones in about two minutes.

The company has deployed 281,587 batteries and operates 1,569 battery-swapping stations.

The funding comes amid the growth of India’s electric mobility ecosystem, where battery swapping is one of the models being adopted for commercial electric two- and three-wheelers.

Battery Smart said the funding is expected to support the expansion of its network and help serve more drivers and fleet operators.

Mirova has financed 7.7 GW of clean energy installed capacity in emerging markets since 2022.

Last October, the Ministry of Heavy Industries notified operational guidelines for deploying EV public charging stations under the PM Electric Drive Revolution in Innovative Vehicle Enhancement program.

Subsidies will be provided for EV public charging, battery-swapping, and battery-charging stations. While subsidies will primarily cover upstream infrastructure costs, support may also extend to EV supply equipment costs in certain cases.

EV sales in India reached 696,769 units in the first quarter (Q1) of 2026, an increase of over 35.5% year-over-year against the 514,198 units.

EVs account for 9% of overall automobile sales, which totaled 7,889,101 units in Q1 2026, according to data from the Ministry of Road Transport and Highways.

In June 2024, Battery Smart secured $65 million in a Series B funding round led by LeapFrog Investments. This equity round included both primary and secondary investments and drew participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.

In 2023, Battery Smart raised $33 million by closing a pre-series B funding round.