16 Apr 2026
Deal: Trilegal advised MUFG Bank on its investment in Battery Smart
14 Jun 2024
14 Jun 2024
Trilegal advised MUFG Bank Limited (MUFG), acting through its Ganesha Fund, on its Series B investment in UpGrid Solutions Private Limited (Battery Smart), a company engaged in the business of providing battery as a service (BaaS) for electric two and three-wheelers.
The round involved an aggregate fund raise of USD 65 million, including both primary and secondary investments. The investments will enable Battery Smart to expand its presence across India and bring EV infrastructure to underserved markets.
The transaction was led by our Partners Kabeer Mathur (Corporate) and Komal Dani (Tax), and the team comprised Senior Associates, Esha Himadri and Chinmay Bilgi; Associates, Dhaval Mehta, Harshit Dhandhia, Aparna Krishnakumar and Akshar Bharadwaj.
About Trilegal
Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.
Trilegal has been recognised as the India Deal Firm of the Year by Asian Legal Business (ALB) India Law Awards 2023; one of the ‘Best Overall Law Firms’ at the India Business Law Journal Indian Law Firm Awards 2022; ‘Firm of the year’ for Client Service Excellence by Asia Law Awards 2021; “M&A Law firm of the Year” by VCCircle Awards 2020 one of the most innovative law firms in Asia in the inaugural edition of ALB Trailblazers 2020; and ‘highly commended’ in the FT RSG Innovative Lawyers Awards 2020.
About MUFG Bank
MUFG Bank, Ltd. is Japan’s premier bank, with a global network spanning around 40 markets. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide.
MUFG Bank’s parent, Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 markets. The Group has about 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
For more information, please contact:
Sahil Wason
Mob: +91-8928008122 | BD@trilegal.com
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