Battery Smart Plans IPO Filing for September-October

Battery swapping startup Battery Smart is gearing up for an initial public offering (IPO), with plans to file its draft red herring prospectus (DRHP) in September or October, according to a report citing sources. The Delhi NCR-based company intends to include its financial results for fiscal year 2026 and the June quarter in its filing.

Battery Smart projects annual growth of 70-80% over the next three to five years. This expansion is expected to be driven by deepening its presence in existing markets and entering new cities. The company operates a battery-as-a-service model, allowing drivers of commercial electric two- and three-wheelers to swap depleted batteries for fully charged ones within minutes.

Founded in 2019, Battery Smart operates a network of over 1,500 swapping stations across more than 75 cities, deploying over 300,000 lithium-ion batteries. The platform serves nearly 100,000 commercial EV drivers. Under its franchise model, local partners manage the swapping stations while Battery Smart provides the batteries, technology, and operational support.

The startup has raised over $200 million to date from investors including Tiger Global and Blume Ventures. Its most recent funding was a $29 million Series B extension round aimed at expanding its battery-swapping network. Reports suggest Battery Smart also achieved operational break-even in FY26.

The Indian battery swapping market is poised for substantial growth. Battery Smart's IPO plans come as several other tech startups are also preparing to go public.