档案库 · 气候与能源 · 战略决策 · 2019–2025
Battery Smart的按次换电赌注：9500万次换电、1600个站点、EBITDA转正
Battery Smart押注电动车司机更愿意租电池而不是买电池；35万美元的种子资金变成了1600多个换电站、9万名司机和EBITDA转正。
Battery Smart
做的是什么生意
A battery-as-a-service network: drivers of electric two- and three-wheelers swap drained lithium-ion batteries for charged ones at partner-run stations in minutes, instead of waiting through long charging sessions.
启动资金：A $350,000 seed; about $170M raised by June 2025, including a $65M round in 2023 backed by MUFG Bank, Panasonic, Blume Ventures and British International Investment, plus over ₹1,000 Cr (~$116M) in debt to buy batteries (Entrepreneur India; Blume Ventures).
起因
Pulkit Khurana and Siddharth Sikka met at IIT Kanpur, quit their jobs in 2019 and spent six months studying e-rickshaw economics before founding Battery Smart: millions of electric three-wheelers were already running on lead-acid batteries that had to be replaced every 6–8 months, with 10–12 hour charges buying only 50–60 km of range — expensive downtime for drivers earning up to ₹800 a day. They started in a 200 sq ft shop in Delhi's Janakpuri with a $350,000 seed, tracking battery exchanges on paper.
经过
COVID forced the pivot that made the model work: instead of owning stations with fixed rents, the founders signed up local shopkeepers who host swapping stations and invest around ₹8 lakh each. FY25 revenue reached ₹249 Cr, up 52%, with total income of ₹279 Cr, though EBITDA was still a ₹56 Cr loss; by September 2025 the company said it had broken even and turned EBITDA positive. It raised $29M in an ongoing Series B led by Rising Tide Energy in May 2025 and a $21M extension in June 2025, and its network grew from about 1,518 stations in May (321 in Delhi alone) to more than 1,600 across 50+ cities by autumn, passing 90 million cumulative swaps.
结果
Still private and scaling: after years of losses the company reported reaching EBITDA positivity in 2025, and its November 2025 impact report counted 95M+ cumulative swaps, 3.2 billion emission-free kilometres, 270,000 IoT-connected batteries, 90,000 driver customers and more than ₹2,800 Cr of cumulative driver earnings. Expansion into new markets continues, funded by roughly $170M of disclosed funding plus debt used to own batteries outright.
背景
Battery Smart由Pulkit Khurana和Siddharth Sikka于2019年创立，此前他们花了数月研究电动三轮车经济，押注印度商用电动车司机会按次付费换电，而不是购买电池。电池占车辆成本的30%到40%，而充电让司机每天损失数小时收入，因此创始人建立了一个网络，司机买车但租电池。
创始人从德里Janakpuri一个200平方英尺的店铺起步，拥有35万美元种子资金和六名员工，但疫情促成了关键转型：不再自营充电站并背负固定租金，他们转而招募本地店主作为站点合作伙伴。合作伙伴投入约80万卢比签三年合同，每次换电获得分成，让Battery Smart无需资本开支建设站点——一种基础设施的特许经营模式。
这一模式实现了复利增长：FY25营收增长52%至2.49亿卢比（总收入2.79亿卢比），网络超过50个城市的1600个站点；到2025年9月，公司在报告FY25 EBIDTA亏损5600万卢比后宣布EBITDA转正。2025年5月筹得2900万美元（由Rising Tide Energy领投），6月又追加2100万美元，Battery Smart还利用债务（据其投资方Blume称超过10亿卢比）直接拥有电池。
截至2025年11月27日，公司的影响力报告显示，累计换电超过9500万次，零排放行驶32亿公里，联网电池27万块，司机客户约9万名，司机累计收入超过280亿卢比。YourStory引用了Tracxn的数据，截至2025年5月，公司估值约4.51亿美元，在印度换电市场占据36%的份额，与VoltUp、SUN Mobility和Mooving竞争。
这件事要成立，得有什么
- 客户经济性是切入点：司机在路上行驶才能赚更多，因此按次付费换电比司机自己拥有电池更划算。
- 合作伙伴经营的站点模式将资本开支从初创公司账面转移——本地店主每人投资约80万卢比，所以站点密度是用特许经营资本而非风险资本扩张的。
- 用债务而非股权为电池融资，让资产与生命周期匹配：超过10亿卢比的债务融资购买电池让公司拥有硬件，而股权保持高效。
- 团队顺应了真实趋势而非假想：当投资者还在争论电动车是否可行时，印度道路上已有数百万辆电动三轮车。
可借鉴之处
薄利基础设施在用户按次付费、本地合作伙伴出资建站、重资产电池用债务而非股权融资的情况下能够运转。
后续进展
截至2025年11月27日，Battery Smart仍为私营并处于扩张状态。公司表示在FY25 EBIDTA亏损5600万卢比后，于2025年实现EBITDA转正；其影响力报告显示，在50多个城市的1600多个站点完成超过9500万次换电，服务约9万名司机和27万块联网电池，司机累计收入超280亿卢比。YourStory（援引Tracxn）报道，截至2025年5月8日，公司估值约4.51亿美元，市场份额36%。截至2025年6月，总融资约1.7亿美元，另有超过10亿卢比的债务用于购买电池，并继续向新城市扩张。
资料来源
- Battery Smart sees 52% surge in FY25 revenue
- Battery Smart hits 95 million swaps, enables 3.2 billion emission-free kilometres
- Battery Smart secures $29M in ongoing Series B round
- Battery Smart Raises USD 21 Mn in Series B Extension Led by Rising Tide Energy
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