India's Battery Smart Plans IPO Filing in September–October 2026

Indian battery-swapping network operator for electric two- and three-wheelers, Battery Smart, plans to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO) between September and October 2026. The company has appointed SBI Capital Markets as the lead manager for the issue. The filing will be based on financial data for fiscal year 2026 and the second quarter of 2026, with the documents remaining valid until December 2026. Co-founded by Pulkit Khurana and Siddharth Sikka, Battery Smart operates on a "Battery-as-a-Service" model. It currently runs over 1,500 swapping stations across more than 75 cities nationwide, manages a fleet of over 300,000 lithium-ion batteries, and serves nearly 100,000 commercial electric vehicle drivers. Approximately 90% of its swapping stations are operated by franchise partners—local entrepreneurs who invest in station infrastructure—while Battery Smart provides the batteries, technology platform, operating systems, and network intelligence, retaining ownership of all battery assets. The company achieved operational breakeven in fiscal year 2026 and aims for annual growth of 70% to 80% over the next three to five years, primarily through deeper penetration in existing cities and expansion into new markets. As of FY2026, Battery Smart had raised approximately $192 million (around ₹16 billion) in cumulative funding. Its operating revenue for FY2025 grew by 52% year-over-year, reaching approximately ₹25 billion. Investors include Tiger Global, Blume Ventures, and other institutional backers. According to IMARC Group, India’s battery-swapping market was valued at $48.13 million in 2025 and is projected to reach $517.92 million by 2034, growing at a compound annual growth rate (CAGR) of 30.21% from 2026 to 2034.