- Companies
- Battery Smart
Battery Smart Revenue, Valuation, Funding & Investors
Battery Smart is valued at $450M as of June 2024, a 25.0x multiple on its last reported $18M revenue.
Last Battery Smart valuation
$450M
Secondary · Jun 2024
Last Battery Smart funding round
Series C
Amount undisclosed · Aug 2026
Battery Smart revenue
$18M
Secondary · Jun 2024
Key investors in Battery Smart
Blume Ventures
Ecosystem Integrity Fund
British International Investment
Orios Venture Partners
Tiger Global
MUFG Bank
About Battery Smart
Battery Smart is a Delhi-headquartered network operating over 1,000 battery swapping stations for electric two-wheelers and three-wheelers across 35 Indian cities. Founded in 2019, it deploys interoperable 48V lithium-ion twin battery packs compatible with Bajaj, Piaggio, and Mahindra e-rickshaws, enabling 60-kilometer range per swap.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Revenue
$18M (Jun 2024)
Valuation
$450M (Jun 2024)
Battery Smart Valuation
Battery Smart is currently valued at $450M, based on its secondary sale in June 2024.
Battery Smart's valuation has grown 1.3x from $341M at its Series B in May 2024 to $450M in June 2024, across 3 priced rounds.
Battery Smart valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2024 | Secondary | $450M | 25.0x |
| Jun 2024 | Series B | $340M | 18.9x |
| May 2024 | Series B | $341M | 12.6x |
Battery Smart Revenue
Battery Smart's latest recorded revenue is $18M, as of its secondary sale in June 2024. At a $450M valuation, that implies a 25.0x revenue multiple.
Revenue moved from $27M in May 2024 to $18M in June 2024, while the revenue multiple moved from 12.6x to 25.0x.
Battery Smart revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2024 | $18M | $450M | 25.0x | Secondary |
| Jun 2024 | $18M | $340M | 18.9x | Series B |
| May 2024 | $27M | $341M | 12.6x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Battery Smart Funding History
Battery Smart has raised a total of $202M across 8 funding rounds, plus 1 secondary share sale.
Battery Smart's first fundraising round was a $1M seed round in February 2021. The most recent completed round was a Series C in August 2026.
Battery Smart funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2026 | Series C | Rising Tide Energy (lead); Blume Ventures; Ecosystem Integrity Fund | - | - | Battery Smart raised ₹185.5 crore in a Series C round led by existing investor Rising Tide Ventures, with participation from Ecosystem Integrity Fund and Blume Ventures. The round was structured as the allotment of 34,094 Series C compulsorily convertible preference shares at an issue price of ₹54,407 per share, and the company said the capital was raised in two tranches of about ₹97 crore and ₹88 crore. The fresh funding is intended to expand Battery Smart’s EV battery-swapping network, supporting business expansion, capital expenditure, working capital requirements, and other general corporate purposes. The company operates a battery-swapping network for electric two- and three-wheelers, serving gig economy drivers through a battery-as-a-service model, and had previously raised capital from investors including Blume Ventures, Tiger Global, and other climate and mobility-focused backers. Battery Smart was founded in 2019 by Pulkit Khurana and Siddharth Sikka and is based in Gurugram. Its network focuses on lithium-ion battery swapping for two- and three-wheeler EVs, and it had reported about ₹247 crore in operating income and about ₹204 crore in net loss for FY25. |
| May 2025 | Series B | Rising Tide Energy (lead); LeapFrog Investments; responsAbility Investments AG; Ecosystem Integrity Fund | $29M | - | Battery Smart is a Gurugram-based battery swapping operator for electric two- and three-wheelers, founded in 2019 by Pulkit Khurana and Siddharth Sikka. It enables last-mile delivery fleets to swap batteries quickly, reducing range anxiety and upfront vehicle costs since batteries comprise 30-40% of EV prices. The company operates over 1,600 swapping stations across more than 50 cities (as of September 2025), facilitating around 90 million cumulative swaps for 90,000 drivers and holding about 70% market share in India's battery swapping infrastructure. In May 2025, Battery Smart raised $29 million in an extended Series B round led by Rising Tide Energy, with participation from other investors. The funds are earmarked for strengthening presence in existing cities, expanding into new markets, and scaling operations amid high demand from quick commerce. As of March 2025, it had expanded to 41 cities with over 1,500 stations. The company has not yet utilized prior capital raises and reports improved unit economics, achieving high-teen IRR on battery and infrastructure capex, up from breaking even two years prior. For FY25 (ending March 2025), revenue surged 52% year-on-year to Rs 249 crore, driven by adoption in last-mile mobility, with total income reaching Rs 279 crore including Rs 30 crore other income. Despite this, it posted an EBITDA loss of Rs 56 crore due to elevated operating expenses from network expansion, workforce growth, and technology enhancements. The company recently turned EBITDA positive and achieved operational break-even. By December 2025, it crossed 100 million EV battery swaps, enabling 3.5 billion clean kilometers and cumulative driver earnings over Rs 2,800 crore, while planning expansion to 100 more cities by 2026 and launching a Rs 10 crore Driver Welfare Fund. Battery Smart benefits from OEM partnerships, government decarbonization pushes, and quick commerce growth, positioning it as a leader without immediate IPO plans as a relatively young startup. |
| Jun 2024 | Secondary | - | $20M | $450M | Battery Smart is an India-based electric vehicle battery-swapping network providing lithium-ion batteries on a pay-per-use basis for three-wheeled electric rickshaws. The company operates an asset-light network of partner swap stations across India, focusing on the emerging electric mobility segment. As of May 2024, Battery Smart's valuation reached $450 million USD following an extended Series B funding round led by Acacia Inclusion Limited. This round raised $45 million and included participation from MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment. Earlier in the same year, the company had raised $65 million in June 2024 from LeapFrog Investments at a $340 million valuation. Battery Smart has raised approximately $99.3 million in total funding since its founding in 2019. The company employs over 150 people and is headquartered in Gurgaon, India. Battery Smart's funding strategy has focused on expanding its battery-swapping station network and scaling its operations to drive electric mobility adoption in India. |
| Jun 2024 | Series B | LeapFrog Investments (lead); British International Investment; Blume Ventures; MUFG Bank; Ecosystem Integrity Fund; Panasonic | $65M | $340M | Battery Smart is India's largest and fastest-growing battery swapping network for electric two- and three-wheelers, providing battery-as-a-service on a pay-per-use basis through an asset-light model partnering with local SMBs to set up swap stations. The company empowers over 45,000 active customers (riders onboarded) with convenient, low-carbon mobility, having completed over 35 million lifetime swaps across more than 1,000 swapping stations. On June 11, 2024, Battery Smart raised $65 million in a Series B equity round led by LeapFrog Investments, with participation from new investors MUFG Bank, Panasonic, and PC-SBI Kurashi, as well as existing investors Ecosystem Integrity Fund, Blume Ventures, and British International Investment. The round consisted of primary and secondary investments, including LeapFrog's Rs 125 crore (~$15M), MUFG's Rs 94 crore (~$11.2M), PC-SBI's Rs 25 crore (~$3M), BII's Rs 49 crore (~$5.9M), and Rs 42 crore (~$5M) each from Blume and EIF. The post-money valuation was $340 million. The funds will be used to rapidly scale the dense battery swapping network across India and drive greater electric mobility adoption, while improving livelihoods of local business owners. LeapFrog's investment aligns with its climate strategy targeting low-carbon technologies in growth markets like Asia, with plans to deploy $500 million. This follows an earlier $45 million tranche in May 2024 led by Acacia Inclusion. Battery Smart emphasizes safety, sustainability, and ESG policies in its operations, positioning it at the forefront of India's battery swapping movement for last-mile mobility. |
| May 2024 | Series B | Acacia Inclusion (lead); British International Investment; Blume Ventures; MUFG Bank; Ecosystem Integrity Fund; Panasonic Kurashi Visionary Fund | $45M | $341M | Battery Smart is a Gurugram-based battery-swapping startup for electric two- and three-wheelers, operating a network of swap stations to enable rapid EV adoption and grid decarbonization in India. In May 2024, it raised $45 million (Rs 376 crore) in a Series B round led by Acacia Inclusion (Rs 124.75 crore), with participation from MUFG Bank (Rs 93.56 crore), Blume Ventures (Rs 41.58 crore), Ecosystem Integrity Fund (Rs 41.58 crore), British International Investment (Rs 49.90 crore), and Panasonic Kurashi Visionary Fund (Rs 24.94 crore) via issuance of 87,113 Series B CCPS at Rs 43,203 each. The round valued the company at $341 million (Rs 2,830 crore), a 62.5% increase from its $210 million pre-Series B valuation in November 2023. Post-round ownership included Blume Ventures at 14.43%, Acacia Inclusion at 9.83%, and Ecosystem Integrity Fund at 6.56%. This funding built on prior raises, including a $33 million pre-Series B in 2023 from Tiger Global, Blume Ventures, Ecosystem Integrity Fund, and British International Investment, and a $25 million Series A in June 2022 led by Tiger Global. The capital aims to scale the battery-swapping network, expand geographic footprint, and add customers, targeting 100,000 by 2025. The Series B appears ongoing, with later tranches including a $21 million portion in 2025 from Rising Tide Energy, ResponsAbility, Acacia Inclusion, and Ecosystem Integrity Fund, and a June 2024 close at $65 million (including $20 million secondary) led by LeapFrog Investments (via Acacia Inclusion SPV) at around $340 million valuation, with continued participation from Blume, BII, and others. Battery Smart has raised over $120 million total across multiple rounds from 23 investors, operating over 600 swap stations across 25 cities and completing more than 12 million swaps by early 2024. |
| Jul 2023 | Series B | Blume Ventures (lead); Tiger Global (lead); British International Investment; Ecosystem Integrity Fund | $33M | - | Battery Smart operates a battery swapping network for electric two- and three-wheelers, primarily e-rickshaws, enabling drivers to swap batteries at stations to avoid charging downtime and reduce upfront vehicle costs by separating battery ownership via a subscription model. Founded in 2019 by Pulkit Khurana and Siddharth Sikka, the company had expanded to over 1,600 swapping stations across more than 50 cities by FY25, facilitating around 90 million cumulative swaps for 90,000 drivers. The targeted July 2023 Series A-II round involved investors Blume Ventures, British International Investment, Ecosystem Integrity Fund, and Tiger Global. Total funding raised across 10 rounds reached $122.3M by mid-2024. FY25 revenue was Rs 249 crore (total Rs 279 crore including other income) with an EBITDA loss of Rs 56 crore. Subsequent rounds included a $45M Series B in May 2024 at $350M valuation (investors: Blume Ventures, British International Investment, Ecosystem Integrity Fund, others) and a $20M secondary in June 2024, followed by a $29M raise in May led by Rising Tide Energy for network expansion. |
| Jun 2022 | Series A | Tiger Global (lead); Catalyst Trustee; Growth Story; Blume Ventures; Orios Venture Partners | $25M | - | - |
| Nov 2021 | Seed | Blume Ventures (lead); Orios Venture Partners (lead); Angel Scions; Baring Private Equity India; Srinivas Anumolu; K Ganesh; TradeCred; Niraj Singh; Green Frontier Capital; Amit Bhasin | $4M | - | Battery Smart is a battery-swapping operator founded in 2019 that provides battery-as-a-service solutions for electric two and three-wheelers in India. The company operates through a subscription model where customers can swap depleted batteries at Battery Smart's network of stations rather than owning batteries outright, reducing upfront vehicle costs since batteries account for 30-40% of total vehicle cost. Financial data for the September 2021 Series A round led by Blume Ventures and Orios Venture Partners, which included investors such as Angel Scions, Baring Private Equity India, and others, is not available in current sources. More recent financial disclosures show that Battery Smart reported FY25 revenue of Rs 249 crore (approximately $30 million USD equivalent), with the company achieving EBITDA profitability after previously posting losses. As of May 2025, Battery Smart had raised $160.2 million across multiple rounds and maintained a valuation of $333.4 million. The company has scaled to over 1,600 swapping stations across more than 50 Indian cities, facilitating approximately 90 million cumulative swaps for around 90,000 drivers. |
| Feb 2021 | Seed | Orios Venture Partners (lead); Faad Network; Shish Kharesiya | $1M | - | - |
Who has invested in Battery Smart?
24 investors have backed Battery Smart across its funding rounds, including Blume Ventures, Ecosystem Integrity Fund, British International Investment, Orios Venture Partners, Tiger Global and MUFG Bank.
Lead investors include Rising Tide Energy, LeapFrog Investments, Acacia Inclusion, Blume Ventures, Tiger Global and 1 other investor.
Battery Smart Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Nov 2021 | ||
| 5 | Participant | Jul 2023 | ||
| 3 | Participant | Jul 2023 | ||
| 3 | Lead | Feb 2021 | ||
| 2 | Lead | Jun 2024 | ||
| 2 | Lead | May 2025 | ||
| 2 | Lead | Jun 2022 | ||
| 2 | Participant | May 2024 | ||
| 1 | Participant | Nov 2021 | ||
| 1 | Participant | Nov 2021 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Jun 2022 | ||
This data is available for Pro users. Sign up to see all 24 Battery Smart investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBattery Smart Competitors
Battery Smart competitors include listed companies like Solid Power, Kempower, Alfen and Microvast, and private ones like Sion Power and Phylion Battery.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $465M | - | ||
| Publicly listed | $18M | ($87M) | $581M | 38.3x | ||
| Publicly listed | $289M | $690K | $632M | 1.9x | ||
| Publicly listed | $502M | $24M | $283M | 0.5x | ||
| Private | - | - | $726M | - | ||
| Publicly listed | $428M | $3M | $245M | 0.8x |
Battery Smart Public Comps
Battery Smart is still privately-owned, but its public comps include Hexagon Composites, Sterling and Wilson, Energiekontor, Kalyon Güneş Teknolojileri, Lydia Yeşil Enerji, Gevo, RattanIndia Enterprises, NYAB, Akfen Yenilenebilir Enerji and Zaptec.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $314M | ($83M) | 1.8x | 1.7x | (6.9x) | 21.2x | |||
| $787M | ($15M) | 0.7x | 0.7x | (37.6x) | 15.3x | |||
| $193M | $99M | 3.5x | 2.7x | 6.8x | 8.0x | |||
| - | - | - | - | - | - | |||
| $1M | - | 367.9x | - | - | - | |||
| $161M | $7M | 3.2x | 2.7x | 71.7x | 10.7x | |||
| $772M | ($10M) | 0.6x | - | (51.0x) | - | |||
| $630M | $41M | 0.8x | 0.7x | 12.3x | 9.8x | |||
This data is available for Pro users. Sign up to see all Battery Smart competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Battery Smart
| When was Battery Smart founded? | Battery Smart was founded in 2019. |
| Where is Battery Smart headquartered? | Battery Smart is headquartered in Gurgaon, India. |
| Is Battery Smart publicly listed? | No, Battery Smart is a private, VC-backed company. |
| What is Battery Smart's valuation? | Battery Smart was last valued at $450M in its secondary sale in June 2024. |
| How much funding has Battery Smart raised? | Battery Smart has raised $202M across 8 funding rounds. |
| What was Battery Smart's last funding round? | Battery Smart's last funding round was a Series C in August 2026, led by Rising Tide Energy. |
| Who are Battery Smart's investors? | Battery Smart's investors include Blume Ventures, Ecosystem Integrity Fund, British International Investment, Orios Venture Partners, LeapFrog Investments, Rising Tide Energy, Tiger Global, MUFG Bank, Angel Scions, Baring Private Equity India and 14 others. |
| What is Battery Smart's revenue? | Battery Smart's latest recorded revenue is $18M (June 2024). |
| What is Battery Smart's revenue multiple? | Battery Smart's latest valuation implies a 25.0x revenue multiple ($450M valuation on $18M of revenue). |
| Which companies are comparable to Battery Smart? | Companies comparable to Battery Smart include Sion Power, Solid Power, Kempower, Alfen, Phylion Battery and Microvast. |
See companies similar to Battery Smart
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




