Liquidity Events
EV infra-focused operator Battery Smart plans IPO
Gurugram-based electric vehicle infrastructure company, Battery Smart has planned to file draft papers in September or October for an initial public offering. The company has appointed SBI Capital Markets to act as the lead merchant banker for the proposed public issue.Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart operates a battery as a service network for electric two and three wheelers. It's business model utilizes franchise partners to manage station infrastructure, while the company retains ownership of the batteries and provides the technology and operating systems.The firm intends to pursue annual growth of 70% to 80% over the next three to five years by increasing penetration in existing cities and entering new markets.
Between Feb 2020 and Apr 2026, Battery Smart had attracted about $ 260 M from Blume Ventures, British International Investment , MUFG Innovation Partners, Panasonic, LeapFrog, responsAbility, Rising Tide Energy, Tiger Global, Trifecta Capital, Stride Ventures, BlackSoil Capital, Orios VP, Baring India, Green Frontier Capital and Others.For FY25, Battery Smart had reported about INR 249 Cr in Operating Income and about INR 273 Cr in Net Loss.
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