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Havish
. • 8m
This startup's revenue grew by over 20 times in the last 2 years! But how? So this is Battery Smart, an EV battery startup founded by IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka. The idea is pretty simple! It takes a lot of time to charge. So why not just swap the EV's battery? Well, that's what these guys did and started their first battery swapping station in June 2020 (right after the start of QCom). How it works? 1) Get their membership. 2) Locate their swapping station. 3) Just enter and swap your battery in under 2 mins. This can save you hours! They received seed funding from Orios Venture Partners in Feb 2021, and from then, they never stopped growing! - By Sep 2021, they opened over 100 swapping centers. - By Mar 2022, they were available in 10+ cities. - By Dec 2023, they had swapped 25M+ batteries. And in June 2024, they raised a massive $65M in Series B round funding at a $340 million valuation. Their FY24 revenue is 164 Cr Rs, growing at 352% CAGR, which is incredible. btw, they are not profitable yet. Their fast growth is the reason why they raised their recent round at a 17 times revenue multiple. Agree?
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