Wadia Ghandy & Co. recently represented ResponsAbility Asia Climate Fund, SICAV-RAIF, in connection with its investment in the USD 29 million Series B funding round of Upgrid Solutions Private Limited, which operates under the brand ‘Battery Smart’.
The other co-investors were Rising Tide, LeapFrog and Ecosystem Integrity Fund. Battery Smart is one of India’s fastest-growing battery-swapping networks, providing affordable and convenient access to electric vehicle energy infrastructure.
The round saw participation from a mix of global and domestic investors, including MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment. This strategic investment will bolster Battery Smart’s battery-swapping infrastructure across India, furthering its mission to enable accessible, efficient, and sustainable electric mobility.
This transaction was led by Partner Anant Kaushik, who was assisted by Associate Arjit Mishra.
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