Grip Invest, Battery Smart inks agreement worth $2 million for EV batteries
Grip Invest has announced that it has signed a $2 million deal with Battery Smart. Through this deal, Grip Invest plans to rent 4,000 batteries for e-rickshaws, facilitating Battey Smart to leverage an asset-light business model and save operational costs.
The pact comes as Grip Invest looks to drive deeper penetration of lease-financing businesses and help companies unlock new revenue streams. It will further help Grip to expand its reach in the electric mobility segment and give players an advantage to complete the full asset cycle for electric vehicles deployed.
On the collaboration, Vivek Gulati, Co-founder & COO, Grip Invest, stated, "Electric auto-rickshaws and E2Ws have emerged as promising segments, accounting for over 4 million units in the next five years. Battery Smart has made significant progress in resolving charging-related challenges for e-rickshaws and electric two-wheelers in India. By introducing asset-light models, Battery Smart can increase commute hours and facilitate greater adoption of e-rickshaws and commercial two-wheelers across urban as well as rural areas."
Pulkit Khurana, Co-Founder, Battery Smart, said, "It has been a fantastic journey for us. We recently completed 5 Lac swaps and are witnessing tremendous demand. We've grown more than 15x in the past six months and currently service 2000+ electric two and three-wheelers daily. Having Grip onboard will help us scale to five other cities while continuing to stay asset-light.
