Battery swapping company Battery Smart saw a revenue spike of 7.4X to Rs 63.55 crore in FY23. It saw a 7X rise in its operating revenue as compared to FY22’s Rs 7.95 crore. Along with the rise in revenue, the company witnessed a spike in losses as well.
Battery Smart is a network of battery swapping stations for electric two and three wheelers. It provides battery-as-a-service to electric two- and three-wheel manufacturers. The automotive tech company is operational in over 10 cities and has facilitated close to 1 million battery swaps.
Founded in 2019 by Pulkit Khurana and Siddhart Sikka, Battery Smart provides Li-ion batteries on a pay-per-use basis for electric two- and three-wheel vehicles through a network of battery swap stations.
The Gurugram-based company saw a steep rise in expenses in FY23. Compared to the previous year’s Rs 21.5 crore in expenses, it saw a 6X surge to Rs 128 crore in the fiscal year ending March. It spent close to Rs 22 crore and over Rs 11 crore on employee benefits and finance cost respectively.
It’s losses amounted to Rs 64.5 crore, a 4.9X rise as compared to the preceding year’s Rs 13 crore. The company’s EBITDA margin stands at -93.44% while its ROCE stands at -18.94%.
With a valuation of Rs 1,742 crore, the company has till date raised Rs 654.44 crore over 7 funding rounds. Its latest, a pre-Series B round, was conducted in July and accumulated a total Rs 273.13 crore, The round saw investments coming from the likes of Tiger Global, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment.
Subsequently, post the round, Tiger Global holds over 25% of the company’s shares. Co-founder Pulkit Khurana and Pulkit Khurana come in second owning equal part of approximately 15% of Battery Smart.
Battery smart competes against the likes of RACEnergy, Numocity, and Batterypool among others.