Battery Smart Adds ₹98 Crore to Its Series C at a ₹4,170 Crore Valuation, 11.6 Times FY26 Revenue

Battery Smart has issued 18,000 compulsorily convertible preference shares at ₹54,407 each to Ecosystem Integrity Fund, about ₹98 crore, according to regulatory filings Entrackr reported on October 17. Entrackr's estimate of the post-money valuation is about ₹4,170 crore.

The headline on that report says $10 million. The body says ₹98 crore. At the roughly ₹95-per-dollar rate implied by the August round's own figures, ₹185.5 crore and $19.5 million, the two agree. Entrackr describes the round as ongoing, with more capital likely in tranches, so this is a filing of an allotment, not an announced close.

The multiple and the stake

The Gurugram battery-swapping network for electric two- and three-wheelers reported FY26 revenue of ₹358 crore, up 43.8% from ₹249 crore, and a loss of ₹23.55 crore, down 12.8%. Dividing ₹4,170 crore by ₹358 crore gives 11.6 times trailing revenue. The loss is 6.6% of revenue.

The ₹98 crore buys roughly 2.3% of the company at the post-money figure. That is arithmetic on Entrackr's estimate, since the company has not disclosed a valuation.

Round	Amount	Date	Lead or investor
Pre-Series C	$7.2 million (Entrackr)	before August 2026	not stated in the Entrackr report
Series C	₹185.5 crore ($19.5 million)	August 2026	Rising Tide Ventures
Debt	$15 million	2026	Mirova
Series C top-up	about ₹98 crore	October 2026	Ecosystem Integrity Fund

Two outlets, two totals

Entrackr says Battery Smart has raised over $221 million to date and close to $52 million in 2026 across debt and equity. Dealroom's note on the August Series C, which cites Entrackr's own valuation estimate, gives over $211 million and a $430 million valuation. It also dates the pre-Series C to March 2026 at $8.96 million, against Entrackr's $7.2 million. Dealroom's own article does not reconcile its dollar labels either: it gives both $19.5 million and $25.2 million for the Series C.

Law firm CMS INDUSLAW said on September 24 that it advised Rising Tide on a follow-on investment in the Series C1 and C2 rounds of Upgrid Solutions Private Limited, which operates Battery Smart. The amount was not disclosed. Rising Tide led the August round, so it has now added to its position at least once since.

Announced, filed and closed are three states

An allotment filed with the registrar is stronger evidence than a press release, because shares have been issued. It is weaker than a closed round, because a filing says nothing about conditions on later tranches. Dealroom's August note says the Series C was raised across two tranches, so the October filing may be the second tranche of the same round rather than new money. Neither Entrackr nor the filings it cites settle that.

The size matters for the headline too. A ₹98 crore cheque from an existing investor, at a valuation the company has not confirmed, is a smaller signal than a new lead pricing a round.

What to watch

Tiger Global and Blume Ventures are among the earlier backers. The filing does not say who else is in the new tranche. For a different kind of investor-led deal, see our report on Stryker's $400 million into CMR Surgical, and for the week's India totals, the weekly funding tally. Compare the company's next registrar filing against the ₹98 crore: a second allotment would settle whether the top-up is the end of the round or the middle of it.