IndoFast Energy
IndoFast Energy operates India's largest battery-as-a-service swap network for electric two-wheelers, three-wheelers, and small commercial vehicles, serving gig workers, logistics fleets, and individual EV users across 23+ cities via 1,795+ automated swap stations backed by a 50:50 joint venture between IndianOil and SUN Mobility.
- Company typePrivate
- Founded2024
- HeadquartersBangalore, India
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What IndoFast Energy does
IndoFast Energy (legal name: Indofast Swap Energy Private Limited) operates India's largest battery-as-a-service (BaaS) swapping network for electric two-wheelers, three-wheelers, and small commercial vehicles. Founded in 2024 as a 50:50 joint venture between IndianOil Corporation Limited (India's largest fuel retailer) and SUN Mobility (a battery-swapping technology specialist), the company deploys automated swap stations where depleted batteries are exchanged for fully charged ones in under two minutes, eliminating charging downtime and reducing upfront EV costs for users. As of FY26 the network spans 1,795+ stations across 23+ Indian cities, has onboarded 100,000+ vehicles, and has completed 65M+ cumulative swaps covering 1.88 billion kilometers, with 32 OEM partners integrating swap-compatible vehicles into their lineups.
The platform is built around a proprietary Swap EASI mobile application for end users and a suite of companion apps for fleet operators (Fleet App), franchise partners (Partner App), service engineers (Service App), and riders (Rider App). Differentiated technology includes smart battery packs with thermal management systems that have achieved zero fire incidents across operations, vehicle-agnostic battery standardization, and AIS156-certified LFP chemistry. The company also offers a JEEVA retrofit solution for converting existing petrol two- and three-wheelers to electric using compatible swappable batteries.
Revenue is generated through three primary streams: per-swap transaction fees (Rs 48-54 per swap varying by city), recurring subscription plans for fleet operators and individual gig workers (Rs 3,500/month for individual EV ownership), and franchise fees plus ongoing royalties from a network of 200+ franchise-operated stations requiring investments of INR 10 lakh to INR 1 crore. Distribution combines direct app-based acquisition, franchise partner expansion, B2B fleet partnerships with logistics companies (Shadowfax, Loadshare, Zypp Electric, Cargo Players), OEM vehicle integrations, and infrastructure partnerships with transit and retail venues (Mumbai Metro, Indian Railways, Nexus Select Malls).
IndoFast Energy firmographics
Firmographics- Name
- IndoFast Energy
- Legal name
- Indofast Swap Energy Private Limited
- Website
- https://indofastenergy.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- IndoFast Energy operates India's largest battery-as-a-service swap network for electric two-wheelers, three-wheelers, and small commercial vehicles, serving gig workers, logistics fleets, and individual EV users across 23+ cities via 1,795+ automated swap stations backed by a 50:50 joint venture between IndianOil and SUN Mobility.
- Ownership category
- akta.pro rank
IndoFast Energy industry classification
Industry- Product category
- Battery Swapping Services
- NAICS
- Battery Manufacturing (33591)
- akta.pro primary industry
- EV & Fleet Charging Equipment (AC/DC chargers, depot charging systems) (IMAGAHAF)
- akta.pro secondary industries
- Battery Modules & Packs (Industrial/Commercial pack assembly) (IMAGAHAB), Industrial Material Handling & Warehouse Charging (forklift/AGV chargers, battery swapping) (IMAGAHAG), Battery Second-Life, Testing & Repurposing (EV-to-Stationary) (EUAIAIAK), EV/Hybrid Service & Battery Repair (TLAKAAAJ)
Keywords
Where IndoFast Energy is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
IndoFast Energy business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales
Revenue model
- Battery Swap Transactions: Pay-per-swap model where customers pay for each battery swap performed. Cost varies by city (Rs 48-54 per swap). Revenue is transactional and consumption-based, scaling with vehicle utilization.
- Subscription Plans: Recurring subscription plans for fleet operators and individual users providing unlimited or capped battery swaps for a fixed monthly fee.
- Franchise Revenue: Franchise model where entrepreneurs invest INR 30L to ~1 Cr to set up swapping stations. Company earns from franchise fees, station fees, and ongoing royalty arrangements.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Per-swap pricing for individual users |
| Other | Multi-year contract | Franchise investment opportunity |
| Subscription | Monthly | Individual EV ownership for gig workers |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
IndoFast Energy product offering
Product offeringCore offering
IndoFast Energy operates a Battery-as-a-Service (BaaS) platform comprising a pan-India network of automated battery swapping stations where electric vehicle users exchange depleted batteries for fully charged ones in under 2 minutes. The platform serves individual EV riders, gig economy workers, and commercial fleet operators through a proprietary Swap EASI mobile app, subscription plans, and a franchise-operated station network. The company also offers a vehicle retrofit solution (JEEVA) for converting petrol two- and three-wheelers to electric powertrains with swappable batteries.
Product overview
IndoFast Energy operates a unified Battery-as-a-Service (BaaS) platform built around battery swapping infrastructure. The core offering is a network of over 1,600 automated battery swap stations across 23+ cities in India, supporting more than 90,000 electric vehicles through partnerships with 32 OEMs. The platform consists of multiple companion mobile applications: Swap EASI App for end users, Fleet App for fleet operators, Partner App for franchise station operators, Service App for maintenance engineers, and Rider App for delivery workers. The company also offers a Retrofit Solution (JEEVA) for converting petrol vehicles to electric, and a Franchise Partner Program enabling entrepreneurs to deploy new swap stations. The ecosystem is backed by IndianOil Corporation and SUN Mobility, processing over 1.4 million battery swaps monthly with zero fire incidents.
Differentiator
Problem solved
Functional benefit
Products and services
- Battery-as-a-Service (BaaS) Platform Pan-India network of automated battery swapping stations where EV users exchange depleted batteries for fully charged ones in under 2 minutes. Serves electric two-wheelers, three-wheelers, and small commercial vehicles across 1,795+ stations in 23 cities with vehicle-agnostic swapping technology.
- Swap EASI App Proprietary mobile application for end users to locate battery swapping stations, check real-time battery availability, navigate to stations, manage subscriptions, and conduct battery swap transactions with payment functionality.
- Battery Swapping Franchise Program Turnkey franchise opportunity enabling entrepreneurs to set up battery swapping stations, with company-provided station setup, technology, and operational support. Initial focus on Tier-I and Tier-II cities including Jaipur, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai.
- Retrofit Solution (JEEVA)
Quantifiable outcome
- 65M+ total battery swaps completed
- +4 more outcomes
Companies that use IndoFast Energy
Customer profileNamed customers11 records
Segments4 records
Ideal customer profiles4 records
IndoFast Energy technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
IndoFast Energy partnerships and signals
Strategic signalPartnerships
22 partnerships are on record, tiered flagship, core and minor.
- IndianOilflagshipJoint venture partnership with IndianOil, one of India's largest state-owned oil companies. IndianOil is a parent company providing infrastructure reach, fuel retail network expertise, and regulatory credibility for the battery swapping business.
- SUN MobilityflagshipJoint venture partnership with SUN Mobility, a leading player in EV charging and battery swapping solutions. SUN Mobility provides technological expertise, operational experience, and complementary infrastructure assets.
- e-SprintocoreVehicle partner for EV deployment. Partnership involves 20,000 EV deployment commitment with IndoFast providing battery swapping support for e-Sprinto electric vehicles.
- EVeezcoreDeployment partnership for 20,000 electric bikes. EVeez operates gig economy delivery operations and uses IndoFast's battery swapping infrastructure for fleet operations.
- Mumbai Metro Rail Corporation LimitedcoreInfrastructure partnership at Mumbai Metro stations, providing EV charging/swapping facilities for metro commuters using electric vehicles.
- Indian RailwayscoreInfrastructure partnership at railway stations, providing battery swapping and EV charging facilities for rail commuters.
- BESCOMcorePartnership with Bangalore Electricity Supply Company for power infrastructure and EV charging station electricity supply.
- Nexus Select TrustminorInfrastructure partnership at Nexus Select shopping malls, providing EV charging/swapping facilities for mall visitors.
- ThunderPluscoreStrategic partnership for EV energy hubs, combining IndoFast's battery swapping network with ThunderPlus charging infrastructure for comprehensive EV energy solutions.
- BijlirideminorEV rental partner providing electric vehicle rentals to consumers with access to IndoFast's battery swapping network.
- Odysse Electric VehiclescoreBattery swapping partnership enabling Odysse electric vehicles to use IndoFast's swapping network for extended range capability.
- Greaves Electric MobilitycorePartnership with Greaves Electric Mobility subsidiary Alt Mobility for EV fleet deployment support, enabling Greaves EVs to access IndoFast's swapping infrastructure.
- BGaussminorVehicle partner providing electric scooters compatible with IndoFast's battery swapping network.
- NXTEminorVehicle partner providing electric vehicles compatible with IndoFast's battery swapping infrastructure.
- EveezindiacoreEV rental partner providing electric vehicle rentals with IndoFast battery swapping support for extended range operations.
- ShadowfaxcoreFleet partnership with India's fastest growing delivery platform for electrifying their delivery fleet with battery swapping support.
- MotovoltminorVehicle partner providing electric two-wheelers compatible with IndoFast's battery swapping network.
- Loadshare NetworkscoreLogistics partner providing intercity and intracity delivery services, electrifying fleet operations with IndoFast battery swapping infrastructure.
- ZyppelectriccoreElectric scooter rental platform for B2B and B2C segments, utilizing IndoFast's battery swapping network for extended operations.
- GBG EVminorFleet rental operator providing electric vehicles for commercial use with IndoFast battery swap support.
- Green Tiger MobilityminorRetrofit partner specializing in converting conventional vehicles to electric, with battery swapping integration.
- Cargo PlayerscoreLogistics provider partner electrifying cargo delivery operations using IndoFast's battery swapping infrastructure for fleet efficiency.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
IndoFast Energy competitors and assessment
Company assessmentDirect peers
- SUN Mobility: 50:50 JV parent of IndoFast Energy and one of India's pioneering battery swapping operators. Operates a competing network of swap stations for 2W and 3W EVs, with the same core technology stack that IndoFast leverages. Most directly comparable in business model and target market.
- Battery Smart: India's largest pure-play battery swap network for electric 2W and 3W, backed by Tiger Global and others. Targets the same B2B fleet (delivery, gig workers) and B2C segments with similar pay-per-swap and subscription models. Most direct head-to-head competitor.
- Honda Power Pack Energy India: Honda Motor's battery swap subsidiary in India, deploying Honda Mobile Power Pack swapping stations for 2W/3W. Backed by a global OEM with deep capital, directly competing for the same fleet and individual EV customer base.
- VoltUp: India-based battery swap operator for 2W/3W EVs focused on last-mile delivery fleets. Operates a similar BaaS model with pay-per-swap pricing, targeting the same delivery/logistics customer segments.
- Bounce Infinity: Indian electric scooter rental and battery swap operator. Operates scooter rental fleet with proprietary battery swap infrastructure, directly competing in the consumer 2W and gig worker segments in similar geographies.
Broad incumbents
- Gogoro: Taiwan-based global pioneer of battery swapping for 2W EVs with thousands of GoStation swap points. Operates as both a vehicle OEM and a swap network provider, with the same core battery-swap-as-a-service model IndoFast uses, though in different geographies.
- NIO Power: Chinese premium EV OEM with the world's largest battery swap network for passenger cars. Validates the swap-as-a-service model at scale though in a different vehicle category (4W) and geography (China).
Regional players
- Spiro: Africa-focused electric mobility company that recently raised $215M and hired IndoFast's former CEO. Operates a battery swap network for 2W/3W EVs in African markets with the same BaaS business model targeting similar gig economy customers.
Emerging players
- Ample: US-based modular battery swap startup that has deployed swap stations with fleet operators including Uber and Stellantis. Operates the same BaaS model targeting fleet electrification, though focused on 4W vehicles.
Others
- ChargeZone: India's largest EV charging network operator with thousands of charging points. Competes in the broader EV energy services market alongside IndoFast, primarily via fast charging rather than swapping, but targets the same fleet customers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
IndoFast Energy social profiles
Digital presenceIndoFast Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
IndoFast Energy leadership team
Management profileNumber of profiles
Profiles1 record
IndoFast Energy funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IndoFast Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IndoFast Energy
What does IndoFast Energy do?
IndoFast Energy operates a Battery-as-a-Service (BaaS) platform comprising a pan-India network of automated battery swapping stations where electric vehicle users exchange depleted batteries for fully charged ones in under 2 minutes. The platform serves individual EV riders, gig economy workers, and commercial fleet operators through a proprietary Swap EASI mobile app, subscription plans, and a franchise-operated station network. The company also offers a vehicle retrofit solution (JEEVA) for converting petrol two- and three-wheelers to electric powertrains with swappable batteries.
Is IndoFast Energy a public or private company?
IndoFast Energy is a private company. It is classified as corporate owned and is currently operating.
When was IndoFast Energy founded?
IndoFast Energy was founded in 2024. It employs 51 to 100 people.
Where is IndoFast Energy based?
IndoFast Energy is headquartered in Bangalore, India, in the Asia region.
How does IndoFast Energy make money?
Three revenue lines are on record. Battery Swap Transactions are the primary driver. The others are subscription Plans and franchise Revenue.
Who are IndoFast Energy's main competitors?
Direct peers on record are SUN Mobility, Battery Smart, Honda Power Pack Energy India, VoltUp and Bounce Infinity. Broad incumbents are Gogoro and NIO Power. Spiro is listed as a regional player. Ample is listed as an emerging player. ChargeZone is listed as an others.
Does IndoFast Energy have an API?
No public API is recorded for IndoFast Energy.
What industry is IndoFast Energy in?
IndoFast Energy's product category is Battery Swapping Services. Its primary akta.pro industry code is IMAGAHAF, EV & Fleet Charging Equipment (AC/DC chargers, depot charging systems), with a secondary code of IMAGAHAB, Battery Modules & Packs (Industrial/Commercial pack assembly). Its NAICS code is 33591.