Battery Smart’s Financials, Revenue, Profit, Valuation & Shareholding Overview (2025)
Legal Name: UPGRID SOLUTIONS PRIVATE LIMITED | CIN: U31904DL2019PTC357706
Battery Smart, founded in 2020 by Pulkit Khurana and Siddharth Sikka, is India’s leading electric two-wheeler battery-swapping network. Headquartered in Bengaluru, Battery Smart offers on-demand battery swap services through a mobile app, with over 1,500 swap stations across 20+ cities. The platform enables fast, contactless swaps in under 60 seconds, targeting cost-sensitive delivery fleets and retail riders. Backed by investors like Elevation Capital and Blume Ventures, Battery Smart is scaling infrastructure and partnerships to accelerate EV adoption and reduce range anxiety.
| Founding year | 2020 |
|---|---|
| Headquarters | Bengaluru, Karnataka, India |
| Valuation | ~$200M (2023) |
| Total Funding | $24M |
| Annual Revenue | ₹45 Cr (FY24) |
| Annual Net Loss | ₹1 Cr (FY24) |
| EBITDA Margin | -5% (FY24) |
| Employees | ~200 (FY24) |
| Round | Date | Amount | Investors |
|---|---|---|---|
| Seed | Mar 2021 | $2M | Blume Ventures |
| Series A | Jul 2022 | $7M | Elevation Capital |
| Series B | Dec 2023 | $15M | Heritage Group |
- Expand swapping network to 30 cities and 3,000 stations by FY26.
- Integrate with leading OEMs and fleet operators for bulk solutions.
- Develop subscription and B2B leasing models for recurring revenue.
- Optimize unit economics via AI-driven swap station placement.
- Consider IPO once scale and profitability metrics mature.
In Q2 FY25, Battery Smart partnered with Swiggy and Zomato to provide battery swaps for delivery fleets, boosting monthly swap volumes by 20%.
| Metric | Details |
|---|---|
| Revenue | ₹10 Cr → ₹25 Cr → ₹45 Cr |
| Net Loss | ₹5 Cr → ₹3 Cr → ₹1 Cr |
| EBITDA Margin | -50% → -20% → -5% |
| Employees | 100 → 150 → 200 |
| Funding | $2M → $7M → $15M |
| IPO Status | Private; planning IPO post scale-up. |
| Expansion Focus | Network growth, partnerships, subscription. |
| Latest News | Swiggy/Zomato partnership; +20% swaps |
Battery Smart’s rapid revenue growth and narrowing losses reflect its leadership in battery-swapping services. Strategic network expansion and enterprise partnerships will underpin its path to profitability and potential IPO.
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- Inc42 & Economic Times: FY22–FY24 financials
- Tracxn export: funding rounds
- Press releases: B2B partnerships
- Company website: network expansion data
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