EV battery swapping network startup on Wednesday reported a 195% rise in revenue from operations to Rs 164.6 crore for the year ended March 31 compared to Rs 55.9 crore in the previous year.
The increase in revenue was helped by rising demand for its services as electric vehicle operators look to battery swapping as a quicker and easier mode of eliminating range anxiety.
According to reports, the company has also announced a strategic partnership with quick commerce platform Zepto to deploy 1,000 electric vehicles in the next financial year ending 2025. The partnership will help Zepto’s delivery partners to use Battery Smart’s swapping network to quickly charge their electric vehicles.
However, the company reported a 129.2% rise in total loss for the period to Rs 140.7 crore compared to Rs 61.4 crore in FY23, bogged down by a jump in total expenses.
In FY24, Battery Smart reported total expenses of Rs 327.5 crore compared to Rs 125.1 crore in the previous year due to a 194% rise in battery swapping and support costs along with a rise in employee benefit expenses.
Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart has doubled down on its expansion. It has expanded its operations to over 1,400 swapping stations across more than 35 cities in India.
It has completed over 35 million swaps and has expanded its footprint with charging stations in Tier I, II, and III cities.
The company is expected to further expand its operations after it raised $65 million in a Series B funding round in June this year. The round comprised a mix of primary and secondary investments led by LeapFrog Investments.
The round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment(BII).
