Battery Smart

What Battery Smart does

Battery Smart (legally Upgrid Solutions Private Limited, CIN U31904DL2019PTC357706) operates India's largest battery-swapping network for electric two- and three-wheelers. Founded in November 2019 by Pulkit Khurana and Siddharth Sikka and headquartered in New Delhi (with operational presence in Gurugram), the company runs 1,600+ partner-led swapping stations across 50 cities and has cumulatively completed more than 100 million battery swaps as of December 2025, serving approximately 100,000 active EV drivers and multiple B2B fleet customers. The core service replaces 7–8 hours of battery charging with ~2-minute interoperable lithium-ion battery swaps under a 'Buy EV, not Battery' model that lowers driver upfront EV cost by 40–50%.

The technology stack combines an IoT-enabled interoperable battery architecture (GPS-tracked batteries), proprietary station-side safety hardware (Battery Safe Rack, Battery Picker, Isolation Box, Battery Service Desk, Service Rack), and mobile applications for drivers (com.batterysmart.driver) and station partners (com.batterysmart.partner). The platform is built on AWS cloud infrastructure with AI-driven analytics supporting station placement, swap utilization optimization, and battery lifecycle management. Adjacent properties EV Kart and EV Haat extend the e-mobility ecosystem, while a HackSmart engineering hackathon co-hosted with AWS (February 2026) signals investment in technical talent and cloud-native scaling.

The business model is a multi-stream battery-as-a-service (BaaS) platform. Driver-side revenue comprises non-refundable sign-up charges, refundable security deposits, recurring daily charges, and per-swap battery rental charges at the point of swap. B2B fleet revenue is generated via bulk onboarding of last-mile delivery operators (Zomato, Zepto, Swiggy, BattRE, Voltium, Eveez, Whizz, Hala, Battwheelz, GoElectra) on multi-year contracts. The distribution model is asset-light: 'Smartpreneuers' (local businesses) operate stations while Battery Smart supplies batteries, hardware, software, and demand generation support through 250+ demand managers. FY25 operating revenue reached Rs 249 crore (~USD 30 million) with 52% YoY growth and operating break-even / positive EBITDA; FY25 marks the inflection point where the unit economics have turned.

Name

Battery Smart

Legal name

UPGRID SOLUTIONS PRIVATE LIMITED

Website

https://batterysmart.in

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

Battery Smart operates India's largest battery-swapping network for electric two- and three-wheelers, with 1,600+ partner-led stations across 50 cities, serving ~100,000 EV drivers and B2B fleets via ~2-minute interoperable Li-ion battery swaps.

Ownership category

akta.pro rank

Product category

Battery Swapping Services

NAICS

Passenger Car Rental and Leasing (53211)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

Micromobility Charging & Battery Swapping Services (THADAGAL)

Keywords

• Battery swapping network
• Battery-as-a-service
• EV battery rental
• Electric mobility infrastructure
• Lithium-ion battery swap

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Per-Swap Battery Rental Charges: Drivers pay a per-swap Battery Rental Charge at the Designated Station from which the Battery is collected. Pricing is set per the Driver Agreement and can be amended by Battery Smart with 1-day prior notice. This is the core recurring revenue stream of the BaaS model.
2. Daily Charge / Sign-up Charge / Security Deposit: Drivers pay a non-refundable one-time Sign-up Charge to enroll, an interest-free refundable Security Deposit, and a per-day Daily Charge toward battery rent regardless of whether a swap occurs daily. These ancillary charges supplement the per-swap rental revenue.
3. Fleet / B2B Onboarding Revenue: Bulk onboarding of last-mile delivery and logistics fleets (Zomato, Zepto, Swiggy, BattRE, Voltium, Eveez, Whizz, Hala, Battwheelz, GoElectra) onto the Battery Smart network. Fleets access swapping infrastructure for their delivery riders, generating swap-based B2B revenue.
4. Station Partner Network Economics: Indirect revenue capture via partner-led station model where local businesses operate stations and share economics with Battery Smart. Battery Smart monetizes through battery supply, the partner app platform, demand generation support, and swap fees; partners earn income from swap transactions.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Battery Smart operates India's largest battery-swapping network for electric two- and three-wheelers, providing interoperable lithium-ion batteries on a per-swap rental basis at 1,600+ partner-operated stations across 50 cities in India. Drivers exchange depleted batteries for fully charged ones in approximately two minutes, eliminating charging downtime, range anxiety, and high upfront EV costs through a 'Buy EV, not Battery' model that reduces CapEx by 40-50%. Revenue is generated through per-swap rental charges, daily charges, sign-up fees, and B2B fleet onboarding contracts.

Product overview

Battery Smart operates a platform-plus-modules architecture built around its Battery-as-a-Service (BaaS) core network — India's largest battery-swapping network for electric two- and three-wheelers, operated by Upgrid Solutions Private Limited (and subsidiary Upgrid Electrilease Private Limited). The core BaaS platform enables drivers to swap depleted lithium-ion batteries for fully charged ones in approximately two minutes at 1,600+ partner-led stations across 50 cities, eliminating charging downtime, range anxiety, and high upfront EV CapEx. Built on this core, Battery Smart offers the Driver App (for on-the-road swaps and earnings) and the Partner App (for station operations and finance management), along with a proprietary suite of safety innovations comprising the Battery Safe Rack, Battery Picker, Isolation Box (with Large/Big Battery Pack variant), Battery Storage Rack, Battery Service Desk with Safety Mechanism, and Service Rack. Sister properties EV Kart (evkart.co.in) and EV Haat (evhaat.in) extend the company's e-mobility ecosystem, while programmes such as the Driver Welfare Fund 2026 (₹10 crore) support the driver community. Together, the BaaS network, mobile apps, safety hardware portfolio, and sister properties form a unified, partner-led infrastructure stack for last-mile electric mobility in India.

Differentiator

Problem solved

Functional benefit

Brands

• EV Kart: Related Battery Smart group property/marketplace linked from the website footer (evkart.co.in).
• EV Haat

Products and services

• Battery Smart Battery-as-a-Service (BaaS) Network India's largest battery-swapping network for electric two- and three-wheelers, operating 1,600+ partner-led stations across 50 cities. Provides interoperable, lightweight Li-ion batteries that drivers can swap in approximately two minutes, eliminating charging downtime, range anxiety, and high upfront battery costs (up to 40-50% lower CapEx vs. battery-inclusive EVs). Served via per-swap rental charges, daily charges, and B2B fleet onboarding contracts.
• Battery Smart Driver App Android application for individual EV drivers to swap batteries, manage daily transactions via Driver Khata, locate nearest stations with step-by-step directions, access voice note support, and use SOS-enabled real-time help and Safety Hub. Integrated with GPS-tracked batteries for asset security. Available on Google Play Store under com.batterysmart.driver.
• Battery Smart Partner App Android application for Battery Smart's station partners, providing streamlined daily operations, battery swapping and earnings management, 24/7 real-time support, station health reports, and access to interactive training modules via the Knowledge Hub. Available on Google Play Store under com.batterysmart.partner.

Quantifiable outcome

• 43% higher monthly earnings for 2-wheeler drivers using swapping vs charging (9-hour daily running)
• +7 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Nine partnerships are on record, tiered minor, flagship institutional partner, flagship technology partner and core.

• TSW Capital Services Private LtdminorOthers · 29 April 2026TSW Capital Services Private Ltd acted as the transaction advisor for Battery Smart's $15 million debt financing from Mirova.
• Indian Railways (Varanasi Division)flagship institutional partnerStrategic or Co-development Partner · 27 March 2026Battery Smart operates a battery swapping station at Banaras Railway Station — the first in the Varanasi division — to promote green transportation, improve local transit efficiency, and generate non-fare revenue for Indian Railways.
• Amazon Web Services (AWS)flagship technology partnerTechnology or Integration · 20 February 2026AWS co-hosted Battery Smart's inaugural HackSmart technology hackathon (February 2026) drawing 1,000+ registrations from IITs, BITS, NITs. Focus on battery intelligence, EV operations, and cloud-scale infrastructure; winners received pre-placement interview opportunities at Battery Smart.
• BattREcoreStrategic or Co-development Partner · 28 October 2025BattRE and Battery Smart jointly launched Battery-as-a-Service in Jaipur to accelerate EV adoption and supercharge e-mobility in the region.
• Wardwizard InnovationscoreStrategic or Co-development Partner · 24 August 2025Wardwizard Innovations partnered with Battery Smart to introduce swappable battery technology for electric two-wheelers, transforming electric mobility with battery-swapping systems.
• BharatsureminorStrategic or Co-development Partner · 24 July 2025Bharatsure (insurtech/IaaS) partnered with Battery Smart to offer natural calamity insurance for EV station partners, covering events like floods and storms. Bharatsure raised Rs 6 crore from IPV, Capital A, and Atrium Angels.
• Green Tiger MobilityminorOEM/ Whitelabel/ Licensing Partner · 10 July 2025Green Tiger Mobility integrates swappable battery systems with partners including Battery Smart and Indofast, serving commercial riders from e-commerce companies like Swiggy and Amazon.
• Jitendra EV (Jitendra New EV Tech Pvt. Ltd.)coreOEM/ Whitelabel/ Licensing Partner · 26 January 2025Jitendra EV partnered with Battery Smart to integrate battery-swapping technology into its fleet of electric two-wheelers in India. Collaboration addresses EV adoption barriers such as range anxiety and charging downtime by providing access to 1,400+ swapping stations across 40+ cities.
• ElectroRidecoreChannel Partner/ Reseller/ Distributor · 25 June 2024ElectroRide partnered with Battery Smart to set up 2,500 battery swapping stations across India and expand the EV swapping network nationwide.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Sun Mobility: Sun Mobility operates one of India's largest battery-swapping networks for electric two- and three-wheelers under a "Swap Points" franchise model. It is the most direct competitor to Battery Smart, targeting the same last-mile delivery and commercial-driver segments with interoperable lithium-ion battery packs.
• Bounce Infinity: Bounce Infinity provides battery-swapping solutions and electric scooters for the Indian market, with a direct focus on quick-swappable batteries for e-two-wheelers. It competes head-to-head with Battery Smart on swap time, network density and last-mile delivery rider acquisition.
• Honda Power Pack Energy India: Honda Motorcycle & Scooter India's battery-exchange service for electric three-wheelers, leveraging Honda's OEM footprint to deploy proprietary swap stations. Directly competes with Battery Smart in the e-3W segment and represents an OEM-backed entrant into the swapping market.

Broad incumbents

• Gogoro: Gogoro operates the world's largest battery-swapping network for electric two-wheelers, primarily in Taiwan. While geographically separate from Battery Smart, Gogoro pioneered the interoperable battery-swap model that Battery Smart has adapted for the Indian 2W/3W market and serves as a global benchmark for the category.
• NIO Power: NIO operates one of the largest battery-swapping networks globally for electric passenger vehicles in China. Although targeting four-wheelers, NIO is the most prominent global benchmark for scaled, technology-driven battery-as-a-service and informs the strategic template Battery Smart is adapting for India.
• Hero Electric: Hero Electric is one of India's largest electric two-wheeler manufacturers. As a broad incumbent in the EV 2W category, its installed base and distribution represent both a demand source for Battery Smart's swap network and a potential competitor if it vertically integrates into swapping.
• Ola Electric: Ola Electric is India's largest listed electric two-wheeler manufacturer and operates its own charging and service network. It is a broad incumbent that competes for the same commercial and consumer EV 2W demand that Battery Smart serves, and could become a swapping-network competitor at scale.

Emerging players

• VoltUp: VoltUp is an India-based battery-swapping startup focused on electric two- and three-wheelers for last-mile delivery. It is an emerging competitor with narrower geographic and network scale than Battery Smart but a comparable BaaS business model targeting fleet operators.
• Lithion Power: Lithion Power provides battery-swapping and charging infrastructure for electric two- and three-wheelers in India. As an emerging player, it overlaps with Battery Smart's core offering in commercial EV energy supply but at a smaller scale and with a narrower geographic footprint.
• Numeros Motors (e-riksha / EV OEM): Numeros Motors is an Indian EV two-wheeler OEM that integrates swappable batteries into its vehicles. While primarily an OEM rather than a swap-network operator, it sits in Battery Smart's ecosystem as a vehicle-side complement that could either partner with or compete against Battery Smart's network.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/BatterySmartIN
• YouTubeyoutube.com/@batterysmart
• Facebookfacebook.com/BatterySmartIN
• LinkedInlinkedin.com/company/batterysmart
• Instagraminstagram.com/batterysmart

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds15 records

Investors23 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Battery Smart