Battery Smart aims to file SEBI draft IPO papers by October as FY25 revenue surges 52% to 2.5 billion rupees.
Battery Smart plans to file draft IPO papers with SEBI in September or October — people familiar with the matter.
The company selected SBI Capital Markets as lead merchant banker — people familiar with the matter.
Operating revenue reached 2.5 billion rupees in FY25, up 52 percent year-on-year — ICRA report.
Battery Smart operates over 1,500 stations and 300,000 batteries across 75 Indian cities — company data.
Indian battery-swapping network Battery Smart plans to file draft papers for an initial public offering in September or October, people familiar with the matter said.
The New Delhi-based startup appointed SBI Capital Markets as lead merchant banker for the proposed public listing, according to people familiar with the deal.
The regulatory filing will include financial results from fiscal year 2026 and the June quarter, making the draft prospectus valid through December 2026, people familiar with the matter said.
Battery Smart aims to raise capital to support the expansion of its electric vehicle infrastructure across major urban centers, media reports indicated.
2.5 billion rupees ($26.2 million): Operating revenue generated by Battery Smart in FY25, representing 52 percent year-on-year growth — ICRA report.
What is Battery Smart's business model and financial performance?
Battery Smart operates a battery-as-a-service model tailored for commercial electric two-wheelers and three-wheelers across India, ICRA credit rating reports showed.
Operating revenue for the company grew 52 percent to approximately 2.5 billion rupees ($26.2 million) in fiscal year 2025, up from 1.6 billion rupees ($17.2 million) in fiscal year 2024, according to ICRA figures.
Total capital raised by the enterprise reached approximately $192 million by fiscal year 2026 through multiple equity and debt financing rounds, funding records indicated.
The enterprise currently manages more than 300,000 lithium-ion batteries and runs over 1,500 swapping locations across more than 75 cities, serving nearly 100,000 commercial drivers, operational updates showed.
100,000: Commercial electric vehicle drivers served across 1,500 battery swapping stations in 75 cities — company records.
How does Battery Smart fit into India's EV market growth?
The planned public listing comes amid accelerating adoption of electric two-wheelers and three-wheelers in last-mile delivery and mobility sectors, industry tracking data showed.
Battery swapping addresses commercial driver concerns regarding high upfront battery replacement costs and lengthy charging downtime, market reports indicated.
Government initiatives promoting electric vehicle infrastructure have accelerated private capital investment into battery swapping networks, industry filings showed.
The company targets 70 to 80 percent annual operational growth as commercial fleets transition from internal combustion engines to electric powertrains, media reports showed.
Battery Smart’s proposed IPO could become an important test of investor confidence in India’s EV infrastructure sector. Its strong revenue growth and expanding network indicate that battery swapping is moving from a niche experiment to a commercially relevant mobility solution, particularly for two- and three-wheeler drivers. However, rapid expansion alone will not guarantee a successful listing. Public-market investors will closely examine profitability, battery utilisation, station economics, debt levels and the company’s dependence on continued EV adoption. The capital-intensive nature of the business may also pressure margins as Battery Smart enters new cities. In our view, the IPO could strengthen the broader battery-swapping ecosystem by improving access to capital and encouraging infrastructure investment. But the company must prove that its impressive scale can translate into sustainable cash flows, operational efficiency and a defensible long-term business model.
What are the next steps for Battery Smart's IPO filing?
The company will submit its draft red herring prospectus to market regulator SEBI between September and October, people familiar with the matter said.
Sustained listing activity on Indian stock exchanges provides a supportive backdrop for tech-enabled logistics and mobility startups seeking public market valuations, financial market reports indicated.
Final offering parameters, valuation targets, and issue timing remain subject to regulatory approvals and market conditions, source reports said.
Frequently asked questions
When does Battery Smart plan to file its IPO?
Battery Smart plans to file its draft IPO papers with SEBI in September or October. The company has selected SBI Capital Markets as its lead merchant banker.
What is Battery Smart's operating revenue for FY25?
According to an ICRA report, Battery Smart achieved an operating revenue of 2.5 billion rupees in FY25. This represents a 52 percent year-on-year growth.
How large is Battery Smart's battery-swapping network in India?
Battery Smart operates over 1,500 battery-swapping stations across 75 Indian cities. It manages a network of approximately 300,000 batteries for electric vehicles.
Who is the lead merchant banker for Battery Smart's IPO?
SBI Capital Markets has been appointed as the lead merchant banker for Battery Smart's upcoming public offering.
What services does Battery Smart provide?
Battery Smart provides battery-as-a-service solutions for electric two-wheeler and three-wheeler vehicles across urban centers in India.
Which Indian authority will review Battery Smart's draft IPO papers?
The Securities and Exchange Board of India (SEBI) will review the draft red herring prospectus (DRHP) once filed by the company.
