Battery Smart To File DRHP In September-October For IPO: Report

Battery swapping startup Battery Smart is gearing up for its IPO and is likely to file the DRHP in September or October.

A PTI report, citing sources, said the Delhi NCR-based startup plans to include its FY26 and June quarter financials in the filing. 

Battery Smart reportedly expects to grow 70-80% annually over the next three to five years by deepening its presence in existing markets and expanding into new cities.

Battery Smart declined to comment on Inc42’s queries regarding its IPO plans.

Founded in 2020 by IIT Kanpur graduates Pulkit Khurana and Siddharth Sikka, Battery Smart operates a battery-as-a-service model that enables commercial electric two- and three-wheeler drivers to swap discharged batteries for fully charged ones within minutes.

The startup has built a network of more than 1,500 swapping stations across 75+ cities, with over 3 Lakh lithium-ion batteries deployed and nearly 1 Lakh commercial EV drivers using its network. Under its franchise-led model, local partners operate swapping stations while Battery Smart supplies the batteries, technology, and operational support. 

Battery Smart has raised more than $200 Mn to date from investors including Tiger Global, Orios Venture Partners, FAAD Network, Blume Ventures, Mirova, Trifecta Capital, LeapFrog Investments, Ecosystem Integrity Fund, and responsAbility Investments. 

The startup’s last fundraise was a $29 Mn Series B extension round, which it raised to expand its battery-swapping network. 

Battery Smart reportedly also achieved operational break-even in FY26.

India’s battery swapping market was valued at $48.13 Mn in 2025 and is projected to reach $517.92 Mn by 2034, growing at a CAGR of 30.21% between 2026 and 2034.

Battery Smart’s IPO plans come at a time when a number of new-age technology startups are preparing to tap the public markets. 

Ecommerce enablement startup Shiprocket is expected to launch its IPO within the next one or two weeks at a valuation of around ₹7,000 Cr. Meanwhile, logistics tech startup LEAP India filed its RHP earlier today for its ₹2,480 Cr IPO, with a price band of ₹151-159 per share.

Managed workspace provider Table Space is also reportedly preparing to file its draft IPO papers and is looking to raise up to $350 Mn through the public issue. 

However, not all startups are pressing ahead with their listing plans. Quick commerce startup Zepto has paused its IPO process and approved a pre-IPO private placement. Sources told Inc42 it is working on a pre-IPO fundraise of around ₹1,000 Cr.

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