responsAbility to Provide a Credit Facility of USD 25 Million to Battery Smart for E-Mobility Expansion
Zurich, 6 December 2024 - As part of its broader climate investment strategy aimed at actively reducing CO2 emissions in Asia, responsAbility will provide a USD 25 million credit facility to Battery Smart, India’s largest battery-swapping network for electric two- and three-wheelers. This partnership supports responsAbility’s commitment to catalyze sustainable development in emerging markets through innovative climate-focused investments.
Headquartered in Gurugram, India, Battery Smart is leading the charge in transforming India’s electric vehicle market with its innovative Battery-as-a-Service (BaaS) model. By offering two-minute battery swaps, Battery Smart addresses critical barriers to electric vehicle (EV) adoption, including range anxiety, long charging times, and high upfront costs. This approach, which decouples battery costs from vehicle ownership, reduces EV purchase prices by up to 40%, making electric vehicles more affordable and accessible.
Paving the way for sustainable EV growth in India
Since Battery Smart launched its first swap station in New Delhi in June 2020, the company has rapidly expanded to over 1,400 swap stations across more than 35 cities, completing over 50 million swaps. Focused on nationwide growth, it has strategically established a presence in Tier 1, 2, and 3 cities. As a leader in the battery-swapping revolution, Battery Smart is providing over 60,000 active customers with accessible, low-carbon driving battery swapping solutions. Its asset-light model allows for partnerships with Indian Small and Medium-sized Businesses, leveraging their existing infrastructure to set up swap stations while supporting local communities. The funding from responsAbility will further enable Battery Smart to strengthen its footprint in existing cities and expand across new Tier 1 to Tier 3 cities. This effort, aligned with the UN's Net Zero targets and the UN SDGs1, underscores a shared commitment to a more sustainable and eco-friendly future.
Pulkit Khurana, CEO & Co-Founder Battery Smart, said: “We are thrilled to welcome responsAbility as a strategic credit partner in our mission to revolutionize India’s electric mobility landscape. This investment will fuel our expansion and further strengthen our footprint in the market. With this support, we are poised to fast-track the electrification of two- and three-wheelers, contributing to India’s goal of achieving 30% EV adoption by 2030. This partnership is a significant step in our shared vision for a cleaner, more sustainable future.”
Stefan Issler, Head of Climate Infrastructure Investments at responsAbility, said: “We are excited to invest in India's largest battery swapping company, as it represents a forward-thinking solution to the country's growing demand for clean, sustainable energy. This venture is aligned with the global push towards greener transportation and clean energy, and we are confident that it will play a crucial role in shaping the future of mobility in India."
Sameer Tirkar, Head of Climate Infrastructure Investments, APAC at responsAbility, said: “Battery Smart is a pioneer in transforming the electric mobility landscape in India. This investment perfectly aligns with our climate investment strategy, reflecting our commitment to empowering businesses and communities while advancing India’s EV infrastructure. This partnership will drive innovation, accelerate the transition to clean energy, and support India's vision of a greener, more efficient future.”
About Battery Smart Battery Smart is India’s largest and fastest-growing battery-swapping network for electric two- and three-wheelers. Founded in 2019 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, the company aims to make EV adoption simple, economical, and accessible through its unique partner-led model. To date, Battery Smart has facilitated 50 million+ battery swaps, established 1400+ swap stations, and serves 60,000+ drivers across 35+ cities.
About responsAbility Investments AG responsAbility Investments AG is a leading impact asset manager specializing in private market investments across three investment themes. These themes directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns.
Since its inception in 2003, responsAbility has deployed over USD 16.3 billion in impact investments. With over 270 employees collaborating across 7 offices, as of 31 December 2024 the company manages USD 5.4 billion in assets across approximately 300 portfolio companies in around 70 countries. Since 2022, responsAbility has been part of M&G plc, the international savings, and investments business, and contributes to enhancing M&G’s capabilities in impact investing.
1 Please note that while we support the UN SDGs, we are not associated with the UN and our funds are not endorsed by them.
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