Battery Smart: Leading Battery Swapping Network Growth in FY25

Battery Smart has showcased significant growth in the fiscal year 2025, marked by an impressive expansion in its operations. The company, based in Gurugram, registered a 52% rise in operational revenue, amounting to Rs 249 crore for the fiscal year that ended in March 2025. This information is derived from the financial statements available through the Register of Companies.

Growth in Battery-as-a-Service Model

This remarkable growth is primarily attributed to the widening acceptance of its battery-as-a-service model. Established in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart has developed a network exceeding 1,600 swapping stations across more than 50 cities. The company has facilitated close to 90 million swaps for approximately 90,000 drivers.

Overall Revenue Insights

For FY25, Battery Smart reported a total revenue of Rs 279 crore, marking a 49% increase from Rs 187 crore in FY24. This total revenue also incorporates an additional income of Rs 30 crore, which played a role in bolstering the overall growth for the fiscal year.

Operational Costs Overview

On the side of expenses, the company saw a substantial rise in operating costs, escalating by 53% to Rs 306 crore in FY25 compared to Rs 200 crore in FY24. This increase in expenses is linked to the expansion of its network, elevated workforce costs, and investments in technology infrastructure.

Achieving Operating Efficiency

Despite the increased expenses, Battery Smart announced that it has successfully reached operating break-even and achieved a positive EBITDA. The company’s operational revenue strategy demonstrated that it spent Rs 1.22 to generate each rupee of operating revenue in FY25. This narrowing expense gap signifies improved cost efficiency as the business scales.

Investment and Market Position

To date, Battery Smart has secured approximately $192 million in funding from investors such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund. With the rise in market adoption, an expanding network, and early indicators of operational profitability, Battery Smart is in a strong position to dominate the electric two- and three-wheeler battery swapping sector. The ongoing challenge lies in sustaining the growth momentum while managing expenses effectively and achieving sustainable unit economics.