Battery Smart posts Rs 250 Cr revenue in FY25

Battery swapping network Battery Smart has continued its growth streak in FY25 with a sharp rise in scale. The Gurugram-based company recorded a 52% increase in its revenue from operations to Rs 249 crore during the fiscal year ending March 2025, according to the company's financial statements sourced from RoC.

The growth came on the back of expanding adoption of its battery-as-a-service model. Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart has scaled to over 1,600 swapping stations across more than 50 cities, facilitating around 90 million cumulative swaps for nearly 90,000 drivers.

The company reported a total revenue of Rs 279 crore in FY25, a 49% jump from Rs 187 crore in FY24. This figure includes other income of Rs 30 crore, which contributed to the overall growth during the fiscal.

On the expense front, the company’s operating costs spiked 53% to Rs 306 crore in FY25 against Rs 200 crore in FY24. The jump in expenses was driven by network expansion, higher workforce costs, and technology infrastructure spend. 

Despite the mounting expenditure, Battery Smart’s release said it recently achieved operating break-even and turned EBITDA positive.The company spent Rs 1.22 to earn a rupee of operating revenue in FY25. The narrowing gap indicates better cost efficiency as the business scales.

Battery Smart, which has raised about $192 million to date from investors including Tiger Global, Blume Ventures, and Ecosystem Integrity Fund.

With strong market adoption, a growing network, and early signs of operating profitability, Battery Smart appears better placed to capture the electric two- and three-wheeler battery swapping market. The challenge will be to maintain growth momentum while containing expenses and delivering sustainable unit economics.