Battery Smart secures 15 million debt from Mirova to expand EV battery swap network

Debt funding powering thousands of partner swap stations

EV battery-as-a-service startup Battery Smart raised $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers. The capital will expand its BaaS infrastructure and grow partner-operated swapping stations across major urban and semi-urban markets in India. The move comes as demand strengthens for faster, lower-cost EV battery swaps—especially for last-mile delivery and passenger transport.