Battery Smart plans to file IPO papers in September-October, targets 70-80% annual growth

Battery Smart is likely to file draft IPO papers with Sebi in September or October, people familiar with the matter said. The battery-swapping network for electric two- and three-wheelers has appointed SBI Capital Markets as the lead merchant banker for the proposed public issue. "The filing of draft papers with Sebi is likely to take place around September or October, using FY26 and June quarter financials, which will remain valid till December 2026," one of the people cited above said. According to the people familiar with the development, Battery Smart is targeting annual growth of 70-80% over the next three to five years, driven by deeper penetration in existing cities and expansion into new markets. Backed by investors including Tiger Global, Blume Ventures, LeapFrog Investments, and Ecosystem Integrity Fund, the company achieved operational break-even in FY26 while continuing to expand its network across the country. Battery Smart currently owns more than 3 lakh lithium-ion batteries and operates over 1,500 swapping stations across more than 75 cities, serving nearly 1 lakh commercial electric vehicle drivers.