“My co-founder Siddharth Sikka and I noticed that over 2.5 million electric rickshaws in India were powered by lead-acid batteries, serving nearly 70 million people for first and last-mile commutes. We realized that high upfront costs were a significant barrier to adopting electric vehicles (EVs) in a cost-conscious market like India,” said Pulkit Khurana, co-founder, Battery Smart. Before starting up Battery Smart, both founders built a strong academic and professional foundation at IIT Kanpur which guides their entrepreneurial journey.
Lead acid batteries require replacement every six months, making it a recurring capital expenditure problem for drivers. Moreover, drivers often spend 10-12 hours every night charging their batteries and another three-four hours to top it. “The goal then was to upgrade the existing solution with better technology. Our battery-as-a-service (BaaS) solution is transforming EVs adoption in India by making it more affordable. Users can purchase an EV without the battery, which typically makes up 1/3 of the vehicle’s cost, and use our stations to swap depleted batteries for fully charged ones in just two minutes. This provides significant advantages to EV drivers who cover long distances within cities daily, such as commuters, cargo auto rickshaws, and food delivery two-wheelers, which make up 77 per cent of the vehicles on Indian roads,” he added.
BaaS model has redefined EV adoption in India, addressing three critical challenges: range anxiety, long charging times, and high upfront costs. By decoupling battery ownership from EVs, it reduces upfront costs by up to 40 per cent. In just five years, it has rapidly expanded to over 1,400 swapping stations across 40-plus cities, driven by a partner-led, asset-light strategy. “By collaborating with small businesses and leveraging existing infrastructure, we’ve not only accelerated growth but also supported local economies, especially in Tier-I to Tier-III cities where charging infrastructure is scarce,” he explained.
The year 2024 has been a transformative one for Battery Smart, marked by breaking new records, overcoming significant challenges, and advancing mission of making electric vehicles more affordable and accessible. “Not only did we reach over 50 million battery swaps, but we also became the first in the country to achieve this milestone, with our network now handling more than 1 lakh daily swaps,” the co founder added.
Battery Smart has reached EBITDA neutrality, “Our focus remains on increasing battery swap volumes, expanding station coverage, and building stronger partnerships with both drivers and fleet operators. As we continue to scale, we are enhancing operational efficiencies and reducing costs, positioning ourselves for sustainable growth and profitability in the near future,” he concluded.