The partnership aims to use an cost effective asset-light business model to expand its reach in the electric mobility segment
EV battery-swapping network provider Battery Smart has signed a USD 2 million deal with digital investment platform Grip Invest to offer battery lease to 4000 electric rickshaws.
The partnership aims to use an cost-effective asset-light business model to expand its reach in the electric mobility segment, the companies said in a statement.
Operationalised in June 2020, Battery Smart claims to be building the country’s largest network of battery swapping stations for electric two- and three-wheelers. It operates 160 live stations across Delhi, Gurugram and Noida.
The drivers can stop at any of the company’s partner swapping stations and get a fully charged battery against a discharged battery in under 2 minutes on a subscription basis, as per the statement.
Vivek Gulati, co-founder and COO, Grip Invest, said, “By introducing asset-light models, Battery Smart can increase commute hours and facilitate greater adoption of e-rickshaws and commercial two-wheelers across urban and rural areas.”
Pulkit Khurana, co-founder, Battery Smart, said, “It has been a fantastic journey for us. We recently completed 5 lakh swaps and are witnessing tremendous demand. We’ve grown more than 15X in the past six months and currently service 2000-plus electric two and three-wheelers daily. Having Grip onboard will help us scale to five other cities, while continuing to stay asset-light.”
By integrating AI and ML, Grip Invest said, it hopes to increase the penetration of lease-financing firms, as well as help enterprises, uncover new revenue streams and improve the investment experience. It just released its second investment product, inventory finance, as well as an auto-invest tool that allows investors to reinvest timely profits.
