Battery Smart sees 52% surge in FY25 revenue
The battery swapping operator has around 1,600 swapping stations across more than 50 cities in the country.
Battery swapping operator Battery Smart on Monday reported a 52% year-on-year increase in revenue for FY25, reaching Rs 249 crore, driven by the growing adoption of swapping solutions in last mile mobility.
The company earnined Rs 30 crore from other income, which includes interest on financial assets and some other business-related ancillary income, taking its total revenue for the year to Rs 279 crore.
Despite the growth, Battery Smart posted an earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of Rs 56 crore during the period.
According to the company, this period saw an uptick in operating expenses from investments made to scale Battery Smart’s operations, expanding its network, strengthening its workforce and expenses incurred to enhance technology.
Despite its FY25 performance, Battery Smart said that the firm recently achieved break-even and has turned EBIDTA positive.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart has expanded to over 1,600 swapping stations across more than 50 cities, facilitating around 90 million cumulative swaps for around 90,000 drivers.
Battery swapping enables two- and three-wheeler fleets to handle last-mile deliveries without worrying about range limitations or downtime for charging. This has resulted in wide adoption of battery swapping technology among fleets in India, benefitting companies like Battery Smart.
Additionally, battery swapping reduces upfront costs of the vehicle as buyers do not have to bear the cost of the battery outright and pay for the vehicle alone and subscribe to a swapping service, instead. Today, batteries account for between 30% to 40% of the total cost of the vehicle.
In May, the company raised $29 million in a Series B funding round led by global impact fund Rising Tide Energy.
YourStory had previously reported, citing a person familiar with the matter, that the company is expected to use the newly raised funds to strengthen its presence in existing cities and expand into new markets as well.
Edited by Megha Reddy