FAAD helped accelerate this growth and li-ion adoption across 30 cities and stands at 1000+ swap stations across the country.
21 Jun 2024 | 1838 Views | By Autocar Pro News Desk
FAAD Network has exited from Battery Smart, delivering a 61x return on investment, enabling FAAD Network’s founders and other investors to get approximately 370% IRR in the investment tenure.
Battery Smart is a home-grown battery-swapping services provider for two and three-wheelers, currently valued at $340 million (Rs 2,842 crore). ...
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FAAD Network has exited from Battery Smart, delivering a 61x return on investment, enabling FAAD Network’s founders and other investors to get approximately 370% IRR in the investment tenure.
Battery Smart is a home-grown battery-swapping services provider for two and three-wheelers, currently valued at $340 million (Rs 2,842 crore). The startup provides advanced lithium batteries to e-vehicles on a membership basis.
Founded by IIT Kanpur Alumni – Pulkit Khurana and Siddharth Sikka, Battery Smart is facilitating Li-ion battery swaps that are efficient, cost-effective, and accessible for the two-wheeler and e-rickshaw market. Investment from FAAD helped accelerate this growth and li-ion adoption across 30 cities and stands at 1000+ swap stations across the country.
FAAD collaborated with Orios Venture Partners, Shish Ram Kharesiya, founder of BNM Retail, and other angel investors during the seed round in 2020 led by Orios Venture. FAAD Network, with a corpus of Rs 300 crore, invests across diverse sectors and geographies in early-stage companies. Over the last couple of years, the Gurgaon-based fund has successfully exited more than 10 investments, cementing its status as a premier angel fund.
"We are extremely proud to announce our exit from Battery Smart at an astounding 61x multiple. This exit not only validates our investment approach but also underscores our commitment to creating significant value for our investors," said Dr. Dinesh Singh, Co-founder and Director of FAAD Network.
"Our investment in Battery Smart and other EV-related ventures further highlight our contribution towards the growth of the EV industry, and Battery Smart's current valuation proves the immense potential within this sector. We look forward to continuing our support for innovative startups that have the potential to revolutionize their industries,” added Singh.