responsAbility Strengthens Long-Term Partnership with Battery Smart Through Follow-On Investment
Zurich / New Delhi, 8 July 2026 - responsAbility Investments AG has completed a follow-on investment in Battery Smart, reinforcing a long-standing partnership and supporting the continued scale-up of electric mobility infrastructure in India. The investment is part of responsAbility’s climate infrastructure strategy, focused on scaling institutional-quality investment opportunities in emerging markets and mobilising private capital into the energy transition. Battery Smart is one of the largest batteries-as-a-service platform for electric two- and three-wheelers in India.1 The company enables drivers to exchange depleted batteries for fully charged ones within minutes. The latest investment marks the fourth transaction between responsAbility and Battery Smart within approximately 18 months, bringing total committed capital to over USD 50 million across multiple transactions. This continued support reflects responsAbility’s approach of backing high-conviction companies over time and mobilising private capital to scale proven business models in emerging markets.
Scaling electric mobility infrastructure in India
Battery Smart’s platform addresses key barriers to electric mobility, including high upfront costs, limited access to charging infrastructure and operational downtime for drivers. By enabling fast, affordable and flexible access to energy, the company supports broader adoption of electric vehicles, particularly among low-income and informal-sector drivers.
Today, Battery Smart operates more than 1,500 battery-swapping stations across over 60 cities and serves more than 100,000 active drivers, underlining the strong growth trajectory of the platform.
Long-term partnership supporting climate solutions at scale
Kewal Shah, Senior Investment Officer at responsAbility, said: “Battery Smart’s battery-swapping network is helping accelerate the transition to cleaner transportation by making electric mobility more practical and affordable for drivers. We are pleased to continue our partnership with the company as it expands its infrastructure footprint and advances India’s clean mobility ambitions.”
Pulkit Khurana, Co-Founder and CEO of Battery Smart, added: “This financing marks another important milestone in our journey to build India’s most accessible and scalable battery-swapping network. We are delighted to partner with responsAbility and look forward to leveraging this capital to accelerate network expansion.”
Supporting scalable climate solutions in emerging markets
The investment is made in line with responsAbility’s Asia climate investment strategy, which focuses on scaling institutional-quality investments across sectors with high CO₂ reduction potential, including electric mobility, renewable energy and energy efficiency. Over the lifetime of its assets, the strategy aims to avoid approximately 16 million tonnes of CO₂ emissions.2
This follow-on investment supports the build-out of climate infrastructure in high-growth markets and reflects responsAbility’s approach to mobilising private capital into scalable, commercially viable solutions within the energy transition.
About Battery Smart Battery Smart is India’s largest and fastest-growing battery-swapping network for electric two- and three-wheelers. Founded in 2019 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, the company aims to make EV adoption simple, economical, and accessible through its unique partner-led model. To date, Battery Smart has established 1500+ swap stations, and serves 60,000+ drivers across 60+ cities.
About responsAbility Investments AG responsAbility is a leading Swiss impact asset manager with deep expertise in private market investing across emerging markets. The company provides debt and equity financing to financial institutions, enterprises and mid-market funds, designed to generate measurable positive outcomes for people and planet alongside competitive financial returns. Impact and ESG are embedded throughout the investment process and supported by active engagement. As of 31 March 2026, responsAbility manages USD 5.9 billion in assets invested in around 70 countries and works with institutional, private and public sector investors to invest capital at scale.
Founded in 2003, responsAbility has deployed more than USD 17.8 billion in impact investments. Since 2022, responsAbility has been part of M&G Investments, a business of M&G plc, a global savings and investments group with asset management and insurance capabilities and a long-term institutional ownership base.
1 All data, statistics and statements related to Battery Smart are provided by the company. 2 Current estimate calculated based on a USD 500m size of the strategy.
Contact
Richard Rogers
responsAbility Investments AG
+41 44 403 2151
media@responsability.com
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