Battery smart, a battery swapping service provider in India, has announced its plan to expand its swapping station network to 10 additional cities by December 2023. The company already achieved its earlier goal to expand its network across 25 cities, conducting nearly 50,000 battery swaps daily.
In an exclusive interview with ETEnergyworld, Pulkit Khurana, CEO & Co-Founder Battery Smart shared the company’s ambitious plans for further expansion. “By the end of the year, we aim to double in size, reaching close to 50,000 customers and expanding to 10 additional cities. Our goal is to have a presence in 35 cities with over 100,000 battery swaps per day. In the long term, our vision is to reach over a million swaps.,” Khurana stated.
While exact financial figures for the previous year were not disclosed, Battery smart has experienced a 5X revenue growth over the past year and improved margins. The company has raised significant funding through both equity and debt.
To support its expansion plans, the company has raised substantial equity funding, with more details yet to be officially announced. Considering the vast market they operate in, the company estimates that an investment of approximately $1 billion would be required to serve one million customers.
On the debt financing side, Battery smart has raised a substantial amount exceeding INR 250 crores since its inception.
Khurana emphasized the importance of these investments, stating, “Our focus is on investing in people and technology to support our rapid scaling. Without these investments, we would not be able to achieve our goals.”
While the company is primarily focused on battery swapping technology, it is also exploring other areas such as energy storage applications and providing customers with more options within its network. The redeployment of used batteries for storage purposes and collaborations with OEMs and financial partners are part of the company’s plans to diversify its offerings.
The company has teamed up with different EV industry partners to speed up its growth. By working with fleet operators, battery manufacturers, OEMs, financing institutions, and companies with good locations, Battery smart aims to build a big network of swapping stations to make their services accessible to their customers within a one-kilometer distance.
