Battery Smart, the Delhi NCR-based battery swapping startup, plans to file its draft red herring prospectus with SEBI in September or October, according to a PTI report citing unnamed sources. The filing would include FY26 and June quarter financials, positioning Battery Smart as an early test of public market appetite for EV infrastructure plays.
The company declined to confirm the timeline. "We do not comment on any market speculation or rumours. We shall update you on any development as and when it is ready to be shared," Battery Smart said in a statement.
What does Battery Smart do?
Founded in 2019 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart runs a battery-as-a-service model for commercial electric two- and three-wheelers. Drivers swap discharged batteries for charged ones in minutes rather than waiting hours at a charging station. The startup operates through a franchise model: local partners run the swap stations while Battery Smart supplies batteries, tech, and support.
The numbers are substantial. Battery Smart claims more than 3 lakh lithium-ion batteries deployed and nearly 1 lakh commercial EV drivers using its network. The company reportedly hit operational break-even in FY26 and expects 70-80% annual revenue growth over the next three to five years.
Who backs the company?
Battery Smart has raised over $200 million across multiple rounds. The investor roster includes Tiger Global, Blume Ventures, Orios Venture Partners, Trifecta Capital, LeapFrog Investments, and Mirova. Its most recent round was a $29 million Series B extension aimed at expanding the swapping network.
Why file now?
India's battery swapping market stood at $48.13 million in 2025, per the report. Projections put it at $517.92 million by 2034, a 30.21% CAGR. Commercial EV fleets, especially delivery and last-mile logistics, face range anxiety and long charge times. Swapping solves both. As these fleets scale, infrastructure providers like Battery Smart sit at a choke point.
The IPO timing also reflects a broader wave of new-age tech companies testing public markets. Shiprocket is expected to launch its IPO within weeks at a valuation of around ₹7,000 crore. Logistics tech startup LEAP India filed its RHP for a ₹2,480 crore IPO. Managed workspace provider Table Space is reportedly preparing to file for up to $350 million.
Another startup IPO in the same window, relevant comparison for market timing
Not everyone is pressing ahead. Quick commerce startup Zepto paused its IPO process and approved a pre-IPO private placement of around ₹1,000 crore instead. The divergence suggests companies are reading market windows differently.
Logicity's Take
Battery Smart's path to break-even before filing is the headline within the headline. Most new-age IPO candidates still burn cash. A profitable unit economics story in EV infrastructure, where capital intensity is high, gives Battery Smart a cleaner pitch to public market investors skeptical of growth-at-all-costs narratives. The question is valuation: at $200 million raised, the implied floor is already high for a sector where most players remain sub-scale.
What's left to watch
The DRHP, when it lands, will reveal Battery Smart's actual revenue figures, gross margins on battery swaps, and how much of that 70-80% growth projection is baked into existing contracts versus hoped-for expansion. Public filings will also show investor exit terms and any secondary sales.
For now, the timeline is a signal. September-October filing means a potential listing in late 2026 or early 2027, assuming no SEBI delays. That gives investors a few months to watch how Shiprocket and LEAP India perform post-listing.
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Source: Inc42 Media / Shrishti Bisht
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
