External forces beyond India’s control are spurring domestic action on its green transition. A pair of deals on electricity metering and EV batteries are the most recent examples.
Delhi-based Kimbal secured $22 million in a Series B equity round for its “advanced metering infrastructure,” which helps electricity distribution companies manage the flow of power, track usage and reduce losses through the grid. It’s working now to support the integration of battery systems.
“Energy security and energy transition have become global priorities, driving the need for smarter and adaptive power grids worldwide,” said Arvind Kothari of Niveshaay, which reupped its investment in Kimbal in the Series B round. Private equity firm GEF Capital Partners led the round.
Electric vehicles
Battery Smart, also in Delhi, secured $15 million in debt from Mirova for its network of battery swapping stations for electric vehicles. The company operates more than 1,500 stations for electric motorbike and e-rickshaw drivers in over 50 urban and semi-urban hubs.
Battery Smart is backed by a raft of impact investors, including LeapFrog Investments, which led Battery Smart’s Series B equity round in 2024 – the first deal from LeapFrog’s climate fund. Rising Tide Energy, ResponsAbility’s Asia Climate Fund, Acacia Inclusion, Ecosystem Integrity Fund and British International Investment are also investors.
Green priorities
India’s 2026 budget identifies investment priorities in a number of green sectors, including rooftop solar, battery systems, rare earth mineral procurement and carbon capture and storage.
“Today, we face an external environment in which trade and multilateralism are imperilled and access to resources and supply chains are disrupted,” said India’s finance minister Nirmala Sitharaman when she released the budget on February 1.
The conflict in the Middle East and effective suspension of traffic through the Strait of Hormuz has intensified the pressure on India’s energy resources. The country is a major importer of oil and gas through the Strait.
