Battery Smart, India’s leading battery swapping network, is making waves in the EV sector. The Gurugram-based startup posted a 52% jump in revenue from operations to Rs 249 crore in FY25, signaling rapid growth and rising adoption of its battery-as-a-service model.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart now operates over 1,600 swapping stations in 50+ cities, completing 90 million battery swaps for nearly 90,000 drivers. The company has transformed the EV landscape, offering convenience and speed that traditional charging infrastructure struggles to match.
Record Revenue and Total Income
Battery Smart’s total revenue reached Rs 279 crore, a 49% increase from Rs 187 crore in FY24, including Rs 30 crore from other income. This remarkable growth reflects the explosive demand for EV solutions in India and the company’s ability to scale efficiently.
The rapid adoption of the BaaS model has made Battery Smart a key player for urban mobility, especially in cities where EV users demand quick, reliable battery swaps.
Expenses Rise, But Efficiency Improves
Operating expenses rose 53% to Rs 306 crore due to network expansion, higher workforce costs, and technology investments. Despite this, the company achieved operating break-even and turned EBITDA positive, demonstrating better cost efficiency as it scales.
Battery Smart spent Rs 1.22 to earn a rupee of operating revenue, a clear improvement over previous years and a signal that the company is moving toward sustainable profitability.
Why Battery Smart is Winning
Several factors have fueled Battery Smart’s growth:
- Scalable Business Model: Battery-as-a-service eliminates long charging times and supports fast EV adoption.
- Rapid Network Expansion: Over 1,600 stations ensure convenience across India.
- Operational Discipline: Achieving operating break-even amid rising expenses shows strong management.
- Investor Confidence: Backing from Tiger Global, Blume Ventures, and Ecosystem Integrity Fund underlines faith in the company’s potential.
This combination of strategy, technology, and market demand positions Battery Smart as a frontrunner in India’s EV revolution.
Investor Support and Funding
Battery Smart has raised $192 million to date, allowing rapid infrastructure growth, technology integration, and workforce expansion. The company’s impressive results show that investor trust is well-placed, as it continues to scale revenue while keeping costs under control.
Looking Ahead
With a solid foundation in FY25, Battery Smart is poised for continued growth in FY26. Plans include:
- Adding new swapping stations across untapped cities.
- Tech upgrades for app-based scheduling and real-time battery tracking.
- Partnerships with EV manufacturers and fleet operators.
- Operational optimization to reduce costs and increase efficiency.
The startup is set to redefine urban EV mobility in India, making battery swapping a mainstream solution for drivers nationwide.
Battery Smart’s FY25 performance proves it is more than just a startup — it’s an EV market disruptor. With Rs 249 crore in revenue, Rs 279 crore total income, and a narrowing cost gap, the company has shown that rapid expansion and operational efficiency can go hand-in-hand.
Founded by Pulkit Khurana and Siddharth Sikka, Battery Smart is transforming EV adoption in India, making battery swaps faster, easier, and more reliable than ever. As the EV market grows, Battery Smart is positioned to lead the charge, turning convenience into a profitable business model.
