Battery Smart
Keeping drivers on the go for longer with green power
India is the world’s third-largest CO2 emitter and home to 22 of the world’s 30 most-polluted cities. Anyone who has spent time in Delhi, for example, will testify to the smog that can smother the city on hot summer days. We are helping to reduce this pollution through an investment in Battery Smart, a start-up that provides a battery-swapping service for drivers of electric two- and three-wheel vehicles.
The adoption of electric rickshaws and scooters has been hindered by the higher prices of such vehicles compared with diesel alternatives. And commercial drivers have been reluctant to sacrifice time on the road to wait for batteries to charge once depleted. But Battery Smart enables drivers to simply swap a depleted battery for a fresh one without any wait. This means they can be on the road for longer, and maximise their earning potential without having to invest in their own batteries, as well as significantly reduce their up front investment in new vehicles.
“Battery Smart’s service is very good. Now I have more money and less time is spent swapping the battery.”
Aman, Rickshaw driver and Battery Smart customer
We joined other investors in Battery Smart’s funding round, which raised $33 million. With the investment, Battery Smart plans to expand across India and support the country’s progress towards achieving net-zero emissions.
We created an ESG Action Plan for Battery Smart to manage ESG risks as they grow. Since then, they’ve enhanced their ESG approach, including by developing a thorough supply chain management plan and introducing a grievance mechanism for ESG-related issues. This will ensure a more responsible supply chain and bolster business resilience, supporting their growth goals.
Find out more about the impact of businesses in our portfolio in our Annual Review 2023: Creating impact together