IPO · Mobility & Logistics

Battery Smart files IPO papers for public listing

By Startup Enthusiast · 3 August 2026

What they do

Company operates a battery-as-a-service model for commercial electric vehicles across India

It filed draft papers with Sebi to go public and reached operational break-even in FY26

The firm serves ~1 lakh drivers and plans to grow revenue by 70-80% annually

Battery Smart has filed draft papers with Sebi for an initial public offering.
The filing is valid until December 2026 and covers financials up to the June quarter.
SBI Capital Markets is acting as the lead merchant banker for this transaction.
The company achieved operational break-even in fiscal year 2026.
Total funds raised stand at approximately $192 million or over ₹1,600 crore.
This includes a $65 million Series B round and an extended $29 million tranche.
Investors include Tiger Global, Blume Ventures, LeapFrog Investments, and Ecosystem Integrity Fund.
The founders are Pulkit Khurana and Siddharth Sikka.

The Indian battery-swapping market is projected to grow from $48.13 million to $517.92 million by 2034.
Government policy supports EV adoption with a target of 30% penetration by 2030.
NITI Aayog has established frameworks for interoperability and safety standards in this sector.

The company uses a battery-as-a-service model where it retains ownership of batteries.
Drivers exchange discharged batteries for charged ones at dedicated swapping stations.
Approximately 90% of stations are operated by franchise partners who invest in infrastructure.
Battery Smart provides the batteries, technology, operations, and network intelligence.
The network spans more than 75 cities across India.
There are over 1,500 active swapping stations currently in operation.
The company owns more than 3 lakh lithium-ion batteries.
Operating revenue was ~₹250 crore in FY25, up 52% from the previous year.
Commercial EV drivers served number around 1 lakh.

The company targets 70-80% annual growth over the next three to five years.
Expansion strategy includes deeper penetration in existing cities and entry into new markets.

Product: A battery-as-a-service platform for electric vehicles with partner-led swapping stations.
Customers: Commercial electric two- and three-wheeler drivers, fleet operators, and gig workers.
How it makes money: Earns from battery swapping and BaaS usage across its station network.
What sets it apart: Enables battery swaps in about two minutes and reduces downtime and upfront vehicle cost.
Operations: Operates more than 1,600 partner-led stations across 50 cities.