Hidden in Plain Sight: How Two IITians Electrified India's Last Mile, One Battery Swap at a Time
We shine the Spotlight on Battery Smart (Fund IV)!
In the sweltering Delhi summer of 2020, Pulkit Khurana and Siddharth Sikka were running their fledgling battery-swapping startup from a cramped 200-square-foot shop in Janakpuri, a small neighborhood in West Delhi. Half the space was a charging station for e-rickshaw batteries; the other half was their office, where they tracked every battery exchange by hand.
While many investors debated whether EVs would take off in India, Pulkit and Siddharth saw millions of electric three-wheelers already on the road—an opportunity hiding in plain sight. Their insight was simple but powerful: e-rickshaw drivers needed a solution as easy as filling up at a petrol station. The old model forced drivers to charge batteries for 10–12 hours just to get 50–60 kilometers of range, which ate into their daily earnings.
Fast forward to today: that tiny Delhi shop has grown into Battery Smart, India’s largest battery-swapping network. The company now processes over 125,000 battery swaps daily across 1,500 stations in 50 cities. That means more than 70,000 drivers can stay on the road instead of waiting around for a charge and earn 50% more each day.
Here are three things, among many, that make Battery Smart special.
Their unique partner-led model empowers local shop owners to host swapping stations, keeping the company’s fixed costs low, which enabled it to scale rapidly. The partners typically break-even on their investment within a year and ear ₹50,000–80,000 monthly after expenses.
The company’s technology stack is built for safety and efficiency at scale. Every battery is IoT-enabled, allowing real-time monitoring and predictive maintenance. Their AI-powered systems isolate hundreds of batteries weekly for inspection and enforce strict safety protocols.
Capital efficiency is at the heart of Battery Smart’s growth. Rather than relying solely on equity, they have raised over ₹1,000 crores in debt financing to own and manage their battery fleet, giving them operational control and long-term margins while maintaining disciplined bottom-line focus.
Looking ahead, Battery Smart estimates it has tapped just 3% of its core market. "We processed our first million swaps in three years," says Pulkit. "Now we do that in a week." The company's focus is squarely on scale—expanding coverage in existing markets and entering new cities across India.
Their vision goes beyond battery swaps. They’re building India’s largest battery swap network to make electric mobility accessible and profitable for millions of last-mile drivers.
📖 Read the full story of how Battery Smart is electrifying India's mobility future.
Team Blume