Battery Smart, a swapping network for electric two and three wheelers, recently declared that it had completed a milestone of one million paid battery swaps. While the first million took around two years, the company expects to make another million faster.

India has witnessed growth in electric vehicle (EV) sales over the last year as the adoption of EVs spreads to the incentives offered by state governments. To promote more usage of EVs, battery swapping technology can play an important role.

Co-founders of Battery Smart, Khurana and Siddharth Sikka, told the media that the company aims for a $17 billion swapping market in India by 2025. The company had set a target to make the adoption of electric mobility simple, economical and accessible.

Last year in February, Battery Smart announced its Seed-Round, led by Orios Venture Partners and in November 2021 and raised $7 million in a pre-Series A round, led by Blume Ventures and Orios Ventures.

Currently, the company operates in India, including Noida, Gurugram, Faridabad, and Panipat, and is moving towards its EV adoption target to make it simple, economical, and accessible.

By December 2022, the company aims to reach 25 cities, a few cities in northern India, including Amritsar, Varanasi, Agra, and Kolkata.

The company has its major customers in the three-wheeler segment, which account for 85% of its battery swapping business.

Battery Smart also provides monthly subscription offers, where the customers can change any number of batteries. Around 50% of users opt for this, while the rest of the customers pay for the per swap.

The Internet of Things (IoT) enabled batteries on its network and the data generated are used for network planning and ensuring that all EV users have access to two-minute swaps within a one km radius with zero waiting time. With over 4000 registered drivers and over 200 swapping stations live and operational, the company told the media that it has been able to power 30 million emission-free km to date.

Last year in August, the company had partnered with GoMechanic to set up swapping stations at their locations. In early 2022, the company entered into a partnership with Zypp Electric to integrate 2,000 Zypp electric two-wheelers onto its network.

Khurana said that battery swapping stations are more advantageous than charging stations as it requires less space.

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