Established in 2019, Battery Smart is focused on enabling energy access for commercial electric two- and three-wheelers through its battery-swapping network. Since setting up its first battery station in 2020, the company has expanded to over 1,500 stations across more than 89 cities, serving over 100,000 drivers and enabling over 100 million battery swaps. In an interaction with Renewable Watch, Pulkit Khurana, Co-Founder and Chief Executive Officer, Battery Smart, discussed the evolution of the battery swapping and battery-as-a-service (BaaS) market, key customer segments, safety and operational practices, policy support and the company’s growth plans. Edited excerpts…
Which challenges does your company aim to solve by providing BaaS and battery-swapping services?
When co-founder Siddharth Sikka and I started Battery Smart, we observed that a key requirement for commercial drivers was the economics of keeping vehicles on the road. We noticed that over 2.5 million electric rickshaws in India were running on lead-acid batteries, and these vehicles were serving nearly 70 million people every day for their first- and last-mile commutes. These batteries typically need replacement every six months. On top of that, drivers were spending 10-12 hours every night charging, plus another 3-4 hours topping up during the day, these are the hours that could otherwise have gone into earning.
After speaking with drivers, we explored whether access to energy could be separated from battery ownership. Our goal was to upgrade the existing solution with better technology. That became the foundation of Battery Smart and our BaaS model, essentially delivering batteries as a service rather than requiring drivers to own the battery as an asset.
By separating battery ownership from the vehicle, the model reduces the upfront cost of electric vehicles (EVs) adoption while giving drivers access to charged batteries in minutes. This becomes particularly important for high-utilisation segments such as last-mile delivery, e-commerce, shared mobility and commercial three-wheelers, where every hour of vehicle downtime has a direct economic cost.
At the network level, our internet of things (IoT)-enabled batteries and battery management system (BMS) allow us to monitor battery health, optimise utilisation, manage inventory and improve network availability.
How has the battery swapping sector evolved?
Battery swapping has evolved from being viewed as an alternative to conventional charging to becoming part of the operating infrastructure for commercial EVs. As the ecosystem has matured, the focus is also shifting from simply building EV infrastructure to making that infrastructure more intelligent, efficient and responsive. As EV adoption grows, energy networks will need to respond more effectively to demand, optimise battery availability and health, and use data to improve utilisation, predict demand and strengthen the economics of electric mobility.
Which customer segments currently contribute the largest share of your business and how is the demand split between two-wheelers, three-wheelers and other vehicle segments?
Our largest customer base is in commercial two- and three-wheelers, where the economics of uptime make BaaS particularly compelling. These include passenger and commercial three-wheelers, as well as two-wheelers used for last-mile delivery, e-commerce, shared mobility and other high-utilisation applications, as drivers and fleet operators need high uptime, affordable energy and predictable operating costs.
Historically, three-wheelers have been the largest contributor to our business, particularly passenger and commercial e-rickshaws. However, as the market has evolved, our two-wheeler business has grown significantly, particularly across last-mile delivery and commercial mobility use cases.
Safety remains a key concern in battery operations. What safety standards, certifications and operating protocols does Battery Smart follow across its battery-swapping network?
Our approach combines certified battery technology, real-time monitoring, BMS and disciplined operating protocols across the network. We work with battery manufacturers whose batteries are the Automotive Research Association of India-tested and government approved, ensuring they meet established safety and performance requirements.
At the battery level, every battery is equipped with an advanced BMS that monitors parameters such as voltage, current, temperature and state of charge, and helps identify anomalies and protect against conditions such as overcharging, overheating and undercharging. It also enables remote intervention, including battery disabling and recall where required, while supporting predictive maintenance and battery life optimisation.
We complement this with IoT-enabled, real-time monitoring across the network. Battery and station-level data allows us to track operating conditions, identify deviations and respond proactively. At the station level, our QUEST team conducts rigorous audits of partner stations during onboarding and operations, assessing adherence to defined safety and operating protocols. As part of this process, approximately 30 per cent of prospective stations are rejected during onboarding for not meeting the required standards.
What operational challenges arise in managing a large network of swapping stations, and how are these addressed? Could you share insights from an operational battery-swapping station?
As Battery Smart has scaled, we have found that managing a swapping network requires both operational and technological capabilities. Maintaining station availability involves coordinating batteries, charging, maintenance, drivers, franchise partners and data. Behind every two-minute battery swap is a much larger operating system that requires demand forecasting, battery availability, health monitoring, staff training and standardised operating procedures.
The first challenge is maintaining battery availability at the right place and time, as demand varies by location, time and vehicle segment. Our technology platform tracks utilisation and availability, helping us rebalance inventory, recommend station operating hours and optimise battery deployment.
The second is battery health, driver awareness and safety. IoT-enabled batteries provide real-time data on usage and performance, helping identify issues, support preventive maintenance and optimise battery life. The data also helps guide drivers on when and where to swap.
The third is maintaining consistent station operations and uptime across the franchise network. Standardised processes and training cover battery handling, charging, safety, inspections and maintenance, while technology helps monitor station performance and address issues quickly.
What policy or regulatory interventions would help accelerate the adoption of battery-swapping solutions?
We have seen strong and growing support from the Indian government and various state governments in creating the right conditions for electric mobility to scale. Efforts by ministries and policymakers to promote EV adoption, infrastructure and clean mobility have provided greater policy certainty and momentum to the sector.
A particularly meaningful step with the highest impact would be if the government rationalises the GST on battery-swapping services from 18 per cent to 5 per cent. This is an important intervention because it directly improves the economics of accessing energy for commercial EV users.
For drivers and gig workers, where fuel and energy costs are a significant part of daily operating expenses, even a reduction in the cost of energy access can have a meaningful impact on take-home earnings. As we look ahead, continued policy support on this and on the broader ecosystem will only help battery swapping scale faster and reach more drivers.
How do you see battery swapping and fast charging coexisting in India’s EV ecosystem, and what market split do you expect between the two?
I do not see battery swapping and conventional charging as competing solutions. They solve different use cases within the broader EV ecosystem, and both will be needed as India electrifies mobility at scale. For private vehicles and lower-utilisation use cases, conventional charging, particularly home, workplace and destination charging, will remain the natural choice.
For high-utilisation commercial vehicles, particularly two- and three-wheelers used for deliveries, shared mobility and last-mile logistics, the economics are different. These vehicles need to remain on the road for much longer periods, making charging downtime a significant constraint. This is where battery swapping can offer a strong advantage by enabling access to energy in minutes rather than requiring the vehicle to remain parked while charging.
