Company Profile: Battery Smart
Background
Founded in 2019 by IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart is India's largest operator of battery-swapping stations for electric two- and three-wheelers. The company aims to make electric vehicle (EV) adoption seamless and efficient by providing a network of battery-swapping stations that allow drivers to exchange depleted batteries for fully charged ones in under two minutes. This model addresses key barriers to EV adoption, such as high upfront costs, range anxiety, and long charging times.
Key Strategic Focus
Battery Smart's strategic focus centers on expanding its battery-swapping network across India, particularly targeting urban areas with high concentrations of electric two- and three-wheelers. The company operates on a 'battery-as-a-service' (BaaS) model, providing lithium-ion batteries on a pay-per-use basis. This approach reduces the total cost of ownership for EV drivers and enhances the convenience of EV usage. By partnering with local businesses to host swapping stations, Battery Smart also fosters community engagement and job creation.
Financials and Funding
As of December 2025, Battery Smart has raised a total of $202 million in funding over multiple rounds. In June 2024, the company secured $65 million in a Series B funding round, achieving a valuation of $340 million. The funding was led by Tiger Global Management, with participation from other investors. In July 2023, Battery Smart raised an additional $33 million in a pre-Series B funding round, bringing its valuation to approximately $210 million. The latest funding round in May 2025 raised $29 million, further solidifying the company's financial position.
Pipeline Development
Battery Smart has established over 1,400 battery-swapping stations across more than 35 cities in India, with plans to expand further into Tier 2 and Tier 3 cities. The company aims to power 500,000 electric vehicles on its integrated BaaS network by 2025. This expansion is supported by strategic partnerships with local businesses and collaborations with electric vehicle manufacturers to integrate swapping technology into their products.
Technological Platform and Innovation
Battery Smart employs a technology-driven approach to optimize its battery-swapping network. The company's platform utilizes real-time tracking, IoT-enabled batteries, and AI-driven station optimization to ensure efficient operations. This technological infrastructure enables quick battery swaps, reduces downtime for drivers, and enhances the overall user experience.
Leadership Team
- Pulkit Khurana: Co-founder and CEO. Pulkit is an IIT-Kanpur graduate with a background in engineering and entrepreneurship. He has been instrumental in scaling Battery Smart's operations and establishing strategic partnerships.
- Siddharth Sikka: Co-founder and CTO. Siddharth holds an IIT-Kanpur degree and has a strong foundation in technology and product development. He leads the technological innovations at Battery Smart.
- Amit Bhardwaj: Chief Financial Officer. Amit joined Battery Smart in November 2024, bringing extensive experience in financial management and strategic planning.
Competitor Profile
Market Insights and Dynamics
The Indian electric vehicle market is experiencing rapid growth, driven by government incentives, environmental concerns, and technological advancements. The battery-swapping segment is emerging as a viable solution to address challenges such as long charging times and high upfront costs associated with EVs.
Competitor Analysis
- SUN Mobility: A leading competitor in the battery-swapping market, SUN Mobility offers modular smart batteries and operates over 600 swapping points across India.
- RACEnergy: An emerging player in the battery-swapping space, focusing on providing affordable and efficient solutions for electric two-wheelers.
- Numocity: Specializes in providing battery-swapping infrastructure and services for electric vehicles, aiming to enhance EV adoption through convenient charging solutions.
Strategic Collaborations and Partnerships
Battery Smart has formed strategic partnerships to expand its reach and enhance service offerings:
- Zepto: In February 2024, Battery Smart partnered with Zepto to provide delivery partners with access to more than 1,000 battery-swapping facilities.
- Jitendra EV: In January 2025, Battery Smart integrated its battery-swapping technology with Jitendra EV's electric two-wheelers, expanding its service offerings.
- Bharatsure Safetynet Innovations Private Limited: In April 2024, Battery Smart partnered with Bharatsure to provide health and accidental insurance coverage to over 40,000 drivers and station partners within its network.
Operational Insights
Battery Smart's extensive network of over 1,400 swapping stations across more than 35 cities positions it as a leader in India's battery-swapping market. The company's focus on integrating local businesses as station partners not only expands its infrastructure but also supports community engagement and job creation. This decentralized approach allows for rapid scaling and adaptability to diverse urban environments.
Strategic Opportunities and Future Directions
Battery Smart is well-positioned to capitalize on the growing demand for electric vehicles in India. The company's strategic roadmap includes:
- Geographical Expansion: Extending its network into Tier 2 and Tier 3 cities to tap into underserved markets.
- Technological Advancements: Enhancing its platform with advanced data analytics and AI to optimize operations and user experience.
- Product Diversification: Exploring partnerships with electric vehicle manufacturers to integrate swapping technology into a broader range of EV models.
Contact Information
- Website: www.batterysmart.in
- LinkedIn: Battery Smart
- Twitter: @BatterySmart
- Facebook: Battery Smart
- Instagram: @batterysmart.in
