EV battery swapping startup BatteryPool raises funds for business development



Electric vehicle (EV) fleet and commercial vehicles battery charging solutions startup BatteryPool on Thursday said it has raised an undisclosed amount of growth capital as part of its seed funding round.

The freshly infused capital will be used for scaling up BatteryPool’s business development efforts and adding new fleet charging products to its portfolio, the company said.

According to a media release, the round was led by Indian Angel Network (IAN) and the Pune-based Venture Center under the NIDHI-Seed Support Scheme, and saw participation from lead investors including Arjun Seth and Harshavardhan Chitale. Previously, the Pune-based startup had raised grants from the Department of Science and Technology (GoI) and an angel round along with the 100X.VC investment.

Ashwin Shankar, founder of BatteryPool, said, “We identified that while EVs made sense commercially, challenges around battery charging can lead to downtime of commercial and fleet electric vehicles. Battery swapping can serve as a viable option to eliminate this downtime."

Read more here: EV battery swapping startup BatteryPool raises funds for business development

- 100X.VC Team

Published on: August 19, 2021