India-based battery-swapping network for electric two- and three-wheelers Battery Smart is likely to file draft papers for an initial public offering with the Securities and Exchange Board of India in September or October, according to people familiar with the matter.

The planned filing marks the company’s next step toward a public listing as it expands its EV battery-swapping network across India.

The company appointed SBI Capital Markets as the lead merchant banker for the proposed issue, the people said.

One person said the filing would likely use FY26 and financials for the June quarter, which would remain valid until December 2026.

According to an ICRA report, Battery Smart’s operating revenue rose 52% to about 2.5 billion rupees (US$26.2 million) in FY25 from 1.6 billion rupees (US$17.2 million) in FY24.

The company had raised around $192 million by FY26.

Battery Smart owns more than 300,000 lithium-ion batteries and operates over 1,500 swapping stations across more than 75 cities, serving nearly 100,000 commercial electric vehicle drivers.

🔗 Source: YourStory

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