Battery Smart Raises ₹98 Crore to Expand EV Battery-Swapping Network

Battery Smart Tops Up Its War Chest

Battery Smart, one of India's largest battery-swapping networks for electric two- and three-wheelers, has raised close to ₹98 crore from existing investor Ecosystem Integrity Fund. Regulatory filings show the Gurugram-based company allotted 18,000 compulsorily convertible preference shares at ₹54,407 each. The round appears to be ongoing, with more capital expected in tranches.

The transaction values Battery Smart at about ₹4,170 crore, or roughly $440 million. It follows a ₹185.5 crore Series C round in August led by Rising Tide Ventures, and takes the company's total fundraising past $221 million.

The Business Behind the Raise

Battery Smart's model is battery-as-a-service. Instead of buying a scooter with a fixed, expensive battery, a rider rents the battery and swaps a depleted pack for a charged one at a station, paying per swap. For delivery riders, the appeal is simple: no long charging downtime, and a far lower upfront cost.

The numbers suggest the model is finding traction. Revenue rose 43.8 percent to ₹358 crore in FY26 from ₹249 crore a year earlier, while the loss narrowed 12.8 percent to ₹23.55 crore. The company runs more than 1,500 swapping stations across dozens of cities and says it owns over three lakh lithium-ion batteries.

Metric	Figure
New funding	About ₹98 crore
Post-money valuation	About ₹4,170 crore
FY26 revenue	₹358 crore, up 43.8 percent
FY26 loss	₹23.55 crore, down 12.8 percent
Swap stations	Over 1,500
Total raised to date	Over $221 million

Why Swapping Matters for India's EV Push

India's electric two-wheeler market hit a record 2,07,314 units in September, and a large share of that growth is coming from commercial riders who cannot afford to wait hours to charge. Swapping solves that problem, which is why the category has attracted serious capital. It is a different bet from charging: it works only if stations are dense and packs are standardised, so scale is everything.

Swapping also has a practical limit. It works best for standardised packs used by high-mileage riders, and it competes with a charging network that gets faster every year. Battery Smart's bet is that density and habit will keep swapping relevant even as charging improves, and the fresh capital is aimed squarely at that density.

Battery Smart is reportedly preparing an IPO, with SBI Capital Markets as a lead banker. If it lists, it would be a test of whether India's investors believe swapping is a durable business or a stopgap until charging gets faster. You can read more about running-cost comparisons on our EV cost calculator.

(Sources: Entrackr, Indian Retailer, Battery Smart regulatory filings. Images: Wikimedia Commons, CC BY-SA 4.0 and CC0)

::KEY_NUMBERS:: New funding | ₹98 crore Valuation | about ₹4,170 crore FY26 revenue | ₹358 crore Swap stations | over 1,500 ::TLDR:: Battery Smart raised about ₹98 crore in a Series C top-up round The round values the company at about ₹4,170 crore FY26 revenue rose 43.8 percent to ₹358 crore It runs over 1,500 swap stations and is preparing an IPO ::GLOSSARY:: Battery-as-a-service | renting a battery instead of buying it, and paying per swap CCPS | compulsorily convertible preference shares, an equity instrument ::SOURCES:: Entrackr, Indian Retailer, regulatory filings