About the Company:
Battery Smart was founded in 2019 with a mission to revolutionize India’s EV ecosystem through its battery-swapping network. Headquartered in Gurugram, India, the company has rapidly expanded its footprint across multiple cities, enabling seamless battery swapping for electric two- and three-wheelers. It aims to make EV adoption more accessible by eliminating long charging times and high battery costs.
Business Model:
Battery Smart operates through the following key business segments:
a) Battery Swapping Network
Description: Provides a dense and widespread battery-swapping infrastructure for electric two- and three-wheelers, ensuring minimal downtime and maximum efficiency.
Key Clients and Markets: Serves EV fleet operators, e-commerce delivery personnel, and independent drivers.
b) Technology-Enabled Services
Description: Leverages IoT-enabled tracking, AI-powered battery analytics, and mobile app-based swapping solutions.
Competitive Advantage: Ensures seamless, fast, and cost-effective battery swapping, reducing range anxiety and enhancing user convenience.
c) Revenue Streams
Battery Smart generates revenue through:
Battery Subscription Model: Users pay a subscription fee for unlimited battery swaps.
Fleet Partnerships: Collaborates with fleet operators and delivery service providers for bulk swapping services.
Technology Integration: Provides real-time battery performance analytics and tracking to fleet owners.
What Problem is the Startup Addressing?
Battery Smart aims to tackle key challenges in EV adoption, such as high battery costs, long charging times, and range anxiety. The current EV market struggles with:
- High upfront costs of battery ownership.
- Long charging downtimes affecting operational efficiency.
- Limited charging infrastructure, restricting EV adoption.
Battery Smart addresses these issues by:
- Offering an affordable pay-per-use battery-swapping model.
- Reducing downtime with a quick 2-minute swapping process.
- Expanding charging infrastructure to make EV usage more convenient and viable.
- Key Financial Numbers
Revenue (Latest): Not publicly disclosed.
Profitability: Not disclosed.
Growth Rate: Over 25 million swaps completed as of 2024.
Funding: Raised $33 million from investors like Tiger Global, Blume Ventures, and Orios Venture Partners.
Market Valuation: Estimated at $120M (2024).
About the Founders
1 ) Puneet Khera – Co-Founder & CEO
Education: Background in engineering and business management.
Professional Background: Extensive experience in the energy and mobility sector, driving innovation in EV infrastructure.
Role in Company: Oversees business expansion, strategic partnerships, and growth initiatives.
2) Siddharth Sikka – Co-Founder & COO
Education & Background: Experienced entrepreneur with expertise in operations and supply chain management.
Contributions: Leads operations, ensuring seamless execution of battery-swapping stations and logistics.
