Battery Smart Names Former Shiprocket Executive As CFO

SUMMARY

Bhardwaj will help in driving Battery Smart’s profitability, oversee financial strategy and boost internal controls and governance, the company said in a statement

With over 20 years of experience, he had worked with Shiprocket as a vice president and group finance controller

Founded in 2020 by Pulkit Khurana and Siddharth Sikka, Battery Smart offers battery swapping solutions and charging infrastructure across the country

Delhi NCR-based deeptech startup Battery Smart has roped in finance veteran Amit Bhardwaj as its chief financial officer (CFO).

In his new role, Bhardwaj will help in driving Battery Smart’s profitability, oversee financial strategy and boost internal controls and governance, the company said in a statement.

With over 20 years of experience, he had worked with Shiprocket as a vice president and group finance controller.

Prior to that he served as head of global finance at Cars24 for two years.

Before that he was associated with OYO as AVP finance, director of finance at Snapdeal and deputy general manager at Jubliant FoodWorks.

Founded in 2020 by Pulkit Khurana and Siddharth Sikka, Battery Smart offers battery swapping solutions and charging infrastructure across the country.

Currently, it claims to have the highest number of swapping stations in Delhi NCR.

“As we accelerate our growth, Bhardwaj’s strong track record of financial acumen and strategic vision will play a key role in optimising capital utilisation and driving long-term profitability,” said Khurana.

“With Battery Smart’s impressive growth and commitment to innovation, I look forward to leveraging my experience to drive financial excellence, streamline operations, and support the company’s mission of accelerating India’s transition to sustainable, clean energy solutions,” said Bhardwaj.

In the battery swapping space, Battery Smart competes against the likes of Chargeup, Sun Mobility, RACEnergy, among others.

This development comes five months after VC firm Orios Venture Partners partially exited battery swapping startup Battery Smart with 29X returns.In the same month climate-focussed venture capital (VC) fund Green Frontier Capital also exited EV battery-swapping startup Battery Smart with about 18X returns

Interestingly in June the startup also announced that it raised $65 Mn in a Series B funding led by LeapFrog Investments.

As per Battery Smart’s standalone financials, its operating revenue zoomed 59.7% to INR 55.4 Cr in the financial year 2022-23 (FY23) from INR 7.9 Cr in FY22. Meanwhile, net loss jumped 401% to INR 64.4 Cr in FY23 from INR 12.8 Cr in FY22.