Battery Smart To File DRHP In September-October For IPO: Report

Battery swapping company Battery Smart intends to file its draft regulatory hearing paper (DRHP) for its much-anticipated IPO in September or October, according to a recent PTI report. The Delhi NCR-based startup is expected to include its financials for the fiscal year 2026 and the June quarter in the filing. Battery Smart anticipates a compound annual growth rate (CAGR) of 70-80% over the next three to five years by expanding its reach in current markets and entering new cities.

Founded in 2020 by IIT Kanpur alumni Pulkit Khurana and Siddharth Sikka, the company operates a battery-as-a-service business model that allows commercial electric two- and three-wheeler drivers to quickly swap depleted batteries for fully charged ones at over 1,500 swapping stations spread across 75+ cities. With more than 3 lakh lithium-ion batteries deployed and nearly 1 lakh commercial EV drivers utilizing its network, Battery Smart has achieved operational break-even in the fiscal year 2026.

The startup's current valuation stands at $200 Mn following multiple rounds of funding from notable investors such as Tiger Global, Orios Venture Partners, FAAD Network, and Blume Ventures. India's battery swapping market was valued at $48.13 Mn in 2025 and is expected to grow to $517.92 Mn by 2034, with a CAGR of 30.21% between 2026 and 2034.

Battery Smart's IPO timing coincides with the growing trend among new-age technology startups preparing to go public. Among others, ecommerce enablement startup Shiprocket is set to launch its IPO in the next one to two weeks at a valuation of approximately ₹7,000 Cr, while logistics tech startup LEAP India has already filed its RHP for a ₹2,480 Cr IPO.

Managed workspace provider Table Space is also reportedly in the process of filing its draft IPO papers and aims to raise up to $350 Mn. Despite the surge in IPO activity, not all startups are rushing to go public. Quick commerce platform Zepto has temporarily halted its IPO process and opted for a pre-IPO private placement, raising around ₹1,000 Cr.