Inside Battery Smart’s Playbook For Building Battery Swapping Network Across 50+ Cities

India’s electric mobility sector is entering a defining phase, and a few companies are leading this charge. Founded in 2019, the Gurugram-based Battery Smart began by addressing everyday charging issues for e-rickshaw drivers and today operates a battery-swapping network of over 1,600 stations across 50+ cities, serving more than 90,000 active users. The platform has enabled 95 Mn+ swaps to date and contributed to INR 2,800 Cr in cumulative driver earnings.

To understand the potential of India’s battery-swapping market, and where Battery Smart stands in this equation, we spoke with cofounder Pulkit Khurana, who broke down why India’s battery-swapping opportunity is far larger than current projections.

He also shed light on the early inflexion points that shaped Battery Smart. He talked about scaling Battery Smart and the role of technology in building a reliable, high-density network.

Besides, Khurana talked about The Battery Smart’s Impact Report 2025. The report highlights that by facilitating over 95 Mn battery swaps and enabling more than 3.2 Bn emission-free kilometres for electric two and three-wheelers, Battery Smart’s network has helped the country avoid the release of over 2.2 Lakh tonnes of CO2e (carbon dioxide equivalent) emissions. 

Here are the edited excerpts from our interaction with Pulkit Khurana…

Inc42: India’s battery swapping market is projected to cross $68.8 Mn by 2030. How do you view this trajectory?

Pulkit Khurana: The projected $68.8 Mn battery swapping market size by 2030 significantly underestimates the true potential. As this is still a nascent category, most existing studies rely on limited historical adoption patterns rather than real growth signals from the ecosystem.

In fact, Battery Smart alone is on track to exceed this number within the next 12 months, clearly indicating that the market opportunity is far bigger than what current forecasts suggest. 

Today, we serve only about 4% of the existing addressable user base. Even at current penetration levels, the battery swapping opportunity exceeds $2 Bn and is growing at more than 60% CAGR.

As EVs move from early adopters to mass-market users, swapping will shift from being a convenience to a core pillar of India’s electric mobility infrastructure.

Three forces are already accelerating this shift:

1. Supportive government policies are improving affordability and building confidence among operators, OEMs and investors.
2. Driver economics remains the most compelling catalyst. Battery ownership is expensive and comes with long charging downtime. Swapping eliminates battery ownership, reduces vehicle purchase cost by up to 40% and enables a two-minute swap, improving utilisation and earnings. At Battery Smart, this has translated into more than INR 2,800 Cr earned cumulatively by drivers, saving an average of 130 minutes per day and improving monthly income by over INR 3,000.
3. Scalable business models, especially decentralised, asset-light, partner-led networks, are enabling rapid, capital-efficient expansion. With over 2,70,000 IoT-enabled batteries, we’re improving utilisation and operational efficiency while expanding accessibility across India.

The coming decade will reward solutions that reduce friction, strengthen commercial viability and scale responsibly. Battery swapping is uniquely positioned to do all three, and today’s growth is only a preview of what lies ahead.

Inc42: Looking back to 2019, what were the early inflexion points that convinced you that the swapping model could scale in India?

Pulkit Khurana: The first inflexion point came from simply understanding the scale of the problem. In 2019, more than 1.5 Mn e-rickshaws were running on lead-acid batteries that were expensive, short-lived and required 12 to 16 hours of charging every day. Drivers were losing income due to daily downtime and repeatedly paying for replacements. It became evident that a charging-led ownership model was neither sustainable nor economically viable for high-utilisation mobility.

The second turning point was witnessing how dramatically swapping improved the driver economics. A two-minute swap eliminated the need to purchase a battery, reduced the upfront vehicle cost by up to 40% and removed charging delays entirely. The impact was immediate — drivers could stay on the road for longer, earn more and operate without worrying about battery degradation or unpredictable performance. Adoption grew organically because the model solved real friction.

The third validation came through our partner-led station model. Allowing local entrepreneurs to operate swap stations enabled rapid expansion without heavy infrastructure ownership. Parallelly, early fleet and last-mile delivery partners saw higher utilisation and zero range anxiety.

These early learnings have made Battery Smart a scalable, interoperable, partner-led swapping network designed for India’s mobility realities. 

Inc42: Were there any early turning points?

Pulkit Khurana: In the early days, we approached battery swapping primarily as an infrastructure challenge — set up stations, deploy batteries, and reduce charging time. 

But once we spent more time on the ground, we realised swapping wasn’t just an infrastructure solution; it required building an ecosystem. Success depended on driver adoption, community engagement, OEM compatibility, access to finance, policy alignment, and trust. 

The understanding prompted us to build a platform that connects technology, operators, drivers, fleets and city systems into a unified network.

The second major shift was choosing a partner-led, asset-light expansion model. Rather than owning and operating every station ourselves, we enabled local entrepreneurs to run them. Today, over 95% of our network is partner-operated, a choice that enables rapid scale, capital efficiency and deep integration of swap stations into high-demand zones.

The third turning point came when large fleets and logistics players started integrating with our network. Their participation significantly improved utilisation, strengthened reliability and demonstrated the broader potential of battery swapping as a backbone for commercial EV operations.

Inc42: Battery Smart has grown from a single station to a 1,600+ network. What have been the toughest phases of scaling?

Pulkit Khurana: Scaling Battery Smart from one station to a network of 1,600+ didn’t happen overnight. The biggest hurdle at the beginning was introducing the concept of battery swapping. Drivers, fleet operators and even government stakeholders had to be educated and convinced about the benefits of battery swapping. Moving drivers from owning batteries to swapping them required constant engagement, trust building and learning from on-ground feedback.

As we entered new cities, the operational complexity rose sharply — from setting up stations and ensuring battery consistency to maintaining efficiency across a rapidly expanding network. This pushed us to build robust systems and enable real-time visibility across all sites. Our partner-led approach, where over 95% of stations are operated by micro-entrepreneurs, became a critical enabler, allowing us to scale faster while also generating local livelihoods. 

Technology became the backbone of scale. With more than 270K+ IoT-enabled batteries, real-time data now drives network planning, utilisation optimisation and supports proactive maintenance, ensuring reliability even at scale.

Every phase of this journey has reinforced one principle: growth must balance speed with reliability. That mindset continues to shape how we expand — sustainably, in partnership with the ecosystem and with driver experience and impact at the centre.

Inc42: Can you share financial or scale indicators that reflect Battery Smart’s growth?

Pulkit Khurana: Since our inception in 2019, Battery Smart has achieved significant scale and impact, as highlighted in our recently released ‘Impact Report’:

• 95 Mn+ battery swaps completed, powering clean, emission-free mobility across India.
• 90,000+ active customers across the two- and three-wheeler segments.
• 1,600+ swap stations across 50+ cities, reflecting our operational reach and network density.
• INR 2,800 Cr+ in driver earnings unlocked, creating meaningful economic opportunities for EV drivers.
• 5,000+ women drivers and 250+ women partners actively engaged across the network, advancing inclusivity within the EV ecosystem.
• 1,600+ local partners collectively earned over INR 130 Cr, strengthening community livelihoods.
• 3.2 Bn+ emission-free kilometres enabled, directly contributing to cleaner mobility.
• 2,23,000 tonnes of CO₂ emissions avoided, reflecting our environmental contribution.

Additionally, INR 250 Cr+ in revenue in FY25, underscoring strong business momentum and growing market adoption.

These figures reflect not only the scale of our growth but also the tangible financial, social and environmental impact we are creating.

Inc42: In the Impact Report 2025, you mention stations placed at one-kilometre intervals in key cities. How does the decision-making model work, and which cities does this apply to?

Pulkit Khurana: At Battery Smart, the design and deployment of our swap stations are driven by data intelligence. At the core of our ecosystem is an advanced telematics layer that provides real-time insights into battery health, usage patterns and performance. These systems track key parameters such as temperature, voltage and state of charge (SOC), with all data transmitted to a central platform to ensure every battery swapped meets the highest standards of safety and reliability.

When combined with smart analytics, this data does far more than monitoring — it shapes how and where we expand. We analyse rider behaviour, traffic density and proximity to high-demand commercial zones to pinpoint emerging hotspots and deploy stations with precision. 

This has enabled high-density networks in priority markets, with swap stations placed at roughly one-kilometre intervals, minimising the time vehicles spend locating stations, reducing dead kilometres and enhancing operational efficiency. 

This model is currently being implemented in key cities like Delhi NCR, Jaipur, Lucknow, Kanpur and Agra, along with select Tier II & III markets across North and West India. The result is a responsive, high-efficiency network that maximises uptime, reduces rider wait times and accelerates India’s shift to electric mobility.

Inc42: When choosing a new city, what top datasets do you look at? Do you ever reject cities?

Pulkit Khurana: When we evaluate a new city for expansion, our decision is fundamentally data-driven to ensure that every network we build is both efficient and impactful. 

The key datasets we analyse include:

• EV Penetration & Growth Rates: The current density of electric two- and three-wheelers.
• Rider Density And Usage Patterns: Identifying clusters where EV adoption is concentrated and where vehicles spend the most time on the road.
• Economic Activity And Commercial Hubs: Zones with high delivery movement or fleet operations typically show stronger swap demand.
• Demographic And Geographic Factors: Urban density, road conditions and proximity to high-usage corridors.

Even if a city shows strong EV activity, we may choose to defer entry if data indicates operational challenges like scattered demand, regulatory hurdles, low electric 2/3 wheelers or the absence of reliable local partners. 

Our goal is to ensure every station is strategically placed for maximum utilisation, convenience and sustainable growth rather than just entering a market because of high EV numbers.

Inc42: The partner network has an 87% retention rate. Why is there a 13% drop off?

Pulkit Khurana: Our partner network’s 87% retention rate reflects the trust and value we’ve built over time. Naturally, some partners, about 13%, drop off due to factors beyond our control, such as shifting business priorities or relocation.

What keeps the rest committed is a mix of economic opportunity, reliable technology and strong support. 

Partners benefit from predictable earnings, real-time operational insights through our telematics system and continuous engagement via our partner relationship managers, on-site visits, WhatsApp support and regular calls. 

We also emphasise training — from safety workshops to operations guidance and skill development sessions — ensuring partners feel confident and empowered to run a swap station. Since January 2024, we have conducted over 667 safety training sessions, totalling 37,000+ hours of instruction.

Beyond the financial upside, many partners stay because they see the broader impact. Commitment, therefore, comes from both tangible rewards and a shared purpose.

Inc42: How does the company handle challenges related to deep discharging, overheating, and overloading? 

Pulkit Khurana: To manage challenges like deep discharging, extreme heat and overloading in low-income EV segments, we rely on an advanced IoT-enabled Battery Management System (BMS). Our telematics continuously monitor voltage, temperature, current, state-of-charge (SoC) and overall battery health.

This enables early detection of potential issues, predicts failures and flags anomalies such as overheating or deep discharge before they escalate. The proactive monitoring minimises downtime, enhances safety and ensures every battery swapped meets stringent performance and reliability standards.

These data-driven insights also support remote diagnostics and timely interventions, lowering dependence on on-ground engineers and improving operational efficiency across the entire network.

Inc42: Women partners and drivers in your network are above the national average. What contributed to this?

Pulkit Khurana: Women’s participation in Battery Smart’s network has consistently exceeded the national average, driven by a combination of safety, convenience, financial opportunity and inclusive design. 

Our two-minute battery-swapping model ensures women no longer need to leave vehicles overnight at charging stations or travel long distances late at night, creating a safer work environment.

Flexible station and driving schedules allow women to balance work with family responsibilities, while predictable income from higher utilisation translates into financial independence and stability. 

By addressing structural barriers such as access to capital, mobility constraints and traditional gender norms, we have created an ecosystem where women can confidently work, lead and grow as entrepreneurs. 

Dedicated engagement and support channels, including partner relationship managers and on-ground assistance, further ensure a safe and empowering environment. 

Programmes supporting women drivers and station partners, combined with broader EV policies promoting inclusion, have enabled more women to step into mobility roles, contributing not only to their own economic empowerment but also to community development.

Inc42: Battery Smart has a six-week go-live timeline for new stations. How do you achieve this, and what delays remain?

Pulkit Khurana: At Battery Smart, we target a ‘six-week go-live timeline’ for new stations through a streamlined, asset-light deployment model that reduces partner burden while leveraging centralised logistics and technology.

Here’s how the six-week process typically unfolds:

• Week 1-2 – Site audit, preparation & partner onboarding: Rapid site assessments, safety checks, licensing formalities and basic civil work are completed in this phase. Partners pay a one-time fee, while Battery Smart handles all capex for chargers and batteries.
• Week 3-4 – Assets delivery & installation: Batteries, chargers and IoT systems are deployed and configured using pre-validated designs for speed and reliability.
• Week 5 – Training & testing: Partners undergo app-based and on-site training, including simulations to ensure they are fully prepared to go-live. 
• Week 6 – Go-Live: Stations are fully activated with real batteries, integrated into the network and ready for daily operations.

While this playbook enables rapid rollout, occasional delays can occur due to factors beyond our control, such as power connection upgrades, municipal approvals or utility clearances.

Inc42: Will the rise of proprietary battery systems challenge your interoperability model?

Pulkit Khurana: Interoperability is central to battery swapping because it maximises asset utilisation and keeps costs low for drivers. Our platform is designed to remain flexible, modular and tech-agnostic. 

Even today, we operate batteries with multiple chemistries and cell formats on the same network, yet our tech capability allows us to deliver standardised experience, range and performance. For customers, the experience is simple: they pay for the service and receive a fully charged battery in under 2 minutes, irrespective of the underlying battery type.

While proprietary batteries are becoming more common, our approach ensures seamless swaps for users with varied requirements. Ultimately, the value of interoperability-led swapping remains strong, and both proprietary and standard battery systems will contribute to the broader growth of the EV ecosystem.

Inc42: Where do you see Battery Smart in 3–5 years in terms of scale and maturity?

Pulkit Khurana: In the next 3–5 years, we see Battery Smart scaling both in breadth and depth. On the scale front, our goal is to expand our network across major urban centres as well as Tier II and III cities, making battery swapping as accessible as petrol stations are today. This will enable millions of additional EV users to transition seamlessly to electric mobility.

In terms of maturity, we aim to strengthen our technology, operational capabilities and partner ecosystem by leveraging advanced telematics, AI-driven analytics and data-informed infrastructure planning to further enhance uptime, efficiency and safety. We also envision building a more inclusive network, with increased participation from women drivers and partners, contributing to livelihoods and supporting local communities as the ecosystem matures.