Battery Smart, the Gurugram-based battery-swapping startup, is capturing serious attention in India’s evolving electric mobility landscape. The company posted a staggering 193% surge in operating revenue, reaching ₹164 crore in FY24, up from ₹56 crore in the previous fiscal. This growth signals strong demand for its battery-as-a-service model, primarily serving electric two- and three-wheelers—key players in urban transport.
But scaling at speed comes with growing pains. Battery Smart’s net losses more than doubled to ₹140 crore in FY24, as total expenditure jumped to ₹327 crore. Major cost drivers included ₹85 crore in depreciation (3.8x YoY), ₹45 crore in finance costs, and ₹41 crore in employee expenses, though ad spend dropped by 60% to ₹8 crore.
Despite widening losses, the startup maintains a solid financial base, with ₹107 crore in bank balance and ₹328 crore in current assets. With $192 million raised from investors including Tiger Global and Blume Ventures, and founders Pulkit Khurana and Siddhart Sikka holding 28.5% equity, the company is well-capitalized for future growth.
As urban India shifts to electric mobility, Battery Smart’s rapid rise suggests battery swapping may play a pivotal role in powering smarter, faster, and cleaner transport solutions.