Mirova provides $15 million debt financing to Battery Smart for battery-as-a-service expansion in India

Mirova, through its climate investment division, provided $15 million in debt financing to Battery Smart to expand its battery-as-a-service platform across India. The facility will fund the growth of Battery Smart’s battery swapping infrastructure, targeting over 1,600 partner-led stations in 50 cities, including New Delhi where the first station launched in June 2020. The financing supports Battery Smart’s model of enabling EV drivers to exchange depleted batteries for fully charged units in under two minutes, reducing downtime and vehicle costs while improving utilization. Pulkit Khurana, Battery Smart’s Founder and CEO, highlighted the financing as a critical step to scale the network and make electric mobility more accessible nationwide. Priyanka Mehrotra, Investment Director at Mirova’s Singapore division, emphasized the transaction as Mirova’s third investment in India, reinforcing its commitment to high-impact climate solutions in emerging markets. TSW Capital Services served as the transaction advisor for the financing.

Counterparts (3)

Lender

Mirova

company · 4 deals

Mirova is a mission-driven asset manager specializing in sustainable finance, offering a broad range of investment solutions including energy transition infrastructure, natural capital, equities, and fixed income. The company aims to combine long-term value creation with positive environmental and social impact, serving institutional, distribution, and retail investors globally.

advisor

TSW Capital Services

company · 1 deals

Mumbai-based financial advisor providing debt syndication, equity fundraising, and M&A services to emerging markets companies, with a focus on infrastructure and renewable energy projects across Asia, Africa, and Latin America.

borrower

Battery Smart

company · 1 deals

Battery Smart provides battery-swapping networks for electric two and three-wheelers in India. They aim to make EV adoption affordable and accessible through their swapping technology.