Orios Venture Partners, an early-stage investor, has partially exited from Battery Smart, yielding a 29x return, and is a part of the current funding round. It aligns with Orios’ portfolio strategy and enhances it’s history of delivering successful returns to investors, further establishing its reputation as a top early-stage investor in India.
Orios’ portfolio strategy aims to give LPs a 1x return or return the principal amount by the fourth or fifth year of a fund, while leaving substantial value for future growth. This approach ensures value compounds over the fund’s life, benefiting both the investors and the startups.
Sukhmani Bedi, Partner at Orios Venture Partners, commented on the partial exit, stating, “We were one of the first investors in Battery Smart, investing in February 2020 when they were still working out of a garage. Watching Battery Smart grow has been incredibly rewarding.”
“Over the years, the startup has proven the efficacy of their innovations and business model. They now capture over 70% market share and lead a rapidly expanding sector. Pulkit and Sidharth are brilliant entrepreneurs with a bold vision. We believed in their vision then and continue to believe in it now. We are proud of their impact and excited for the future, as they drive EV adoption in India.”
Battery Smart was established in 2019 to simplify EV adoption, making it economical and easily accessible. Since launching its first battery-swapping station in June 2020, Battery Smart has rapidly scaled to become India’s largest battery-swapping network for electric two and three-wheelers. It provides a stress-free solution for EV users. As of April 2023, BatterySmart completed 10 million battery swaps.
Orios Venture Partners remain highly optimistic about Battery Smart’s future growth potential and continues to hold an investment in the company. Battery Smart today secured USD 65 million in Series B funding.