1.

Draft

a. Founder
i. Pulkit Khurana Speaks On Battery Smart's Business Model & More |
Startup Street | CNBC-TV18
b. LinkedIn - Highly active on LinkedIn
i. Promoting Culture, Camaraderie, women participation, sustainability
ii. Employees - 200-500
1. https://www.linkedin.com/posts/batterysmart_womensday-
entrepreneurship-batterysmart-activity-7171736149659508736-RFLn?
utm_source=share&utm_medium=member_desktop
2. Good team- Ex-Udaan, shuttl, etc, IITs
iii. Shared by company - https://www.downtoearth.org.in/blog/energy/ev-
industry-can-reshape-indian-employment-landscape-with-green-jobs-but-
building-a-skilled-workforce-is-key-95681
c. Website
i. 1005+ Swapping stations-

ii.
iii. Missing in- MP, Gujarat, Chhattisgarh, Rajasthan
iv. They could have raised for expansion
v. Focused a lot on safety- https://www.batterysmart.in/safetyCenter
vi. https://www.zeebiz.com/personal-finance/insurance/news-bharatsure-
partners-with-battery-smart-to-provide-comprehensive-insurance-coverage-for-
over-40000-drivers-and-station-partners-285168
vii.
d. Company
i. Customers - More than 25k
ii. 2W & 3W segment
1. 80% revenue from 3W
iii. Working with 10-12 OEMs for battery
e. Finance
 i. Financial data - Series B - stage of the company?
1. https://www.crunchbase.com/search/funding_rounds/field/
organizations/last_funding_type/battery-smart
2. Series B - $33 m from Tiger Global, Blume ventures

f. Articles
i. https://energy.economictimes.indiatimes.com/news/power/quantum-energy-
partners-with-battery-smart-for-swappable-batteries/108042392
ii. https://m.economictimes.com/tech/funding/battery-smart-raises-33-million-in-
funding-from-tiger-global-blume-ventures-others/articleshow/101534542.cms -
last year june article
1. Valuation >$126 m
2. Want to tap more than 10 cities
3. Customer base more than 100k, from 25k in 12 months
iii. https://www.greenfrontiercapital.com/battery-smart
 iv. https://www.livemint.com/companies/news/tata-power-delhi-distribution-
partners-with-battery-smart-11647356283045.html
v. https://yourstory.com/2023/04/battery-smart-swapping-station-fire-delhi -
April 2023

2. Insights
a. What do they do?
i. To increase revenue - need to increase the battery stations
ii. Capital cost will increase, whenever you add a new battery station
iii. You can not earn more from the existing station
iv. Existing stations will always need maintenance
v. If you change the energy source,
b. Business model - how do they earn money?
i. Revenue sources-
1. Initial franchise cost
2. Month on month earnings-Variable
a. Earning per swapping
 i. The user pays for the total energy consumed plus
the premium for the time saved.
ii. The assumption is that the major part is the energy
consumption.
iii. The company+Franchise owners only earns the
delta of what is being paid by the user minus
whatever they are paying back to the energy
sources(State govt)
ii. Expense sources-
1. Battery and setup cost
2. Maintenance cost
3. Monthly energy cost-Variable
a. This cost is being paid to the energy sources(discoms).
c. How can we help them earn more money or reduce their losses?
i. The only way to increase the margin is to increase the delta & that can
only be done if you have cheaper energy sources or your own energy
sources.
ii. Reduce losses- Cost reduction in infrastructure
1. We can reduce the month-on-month subscription cost for BTU
2. PCB cost reduction for batteries

To- do
1. We need to see 15 podcasts on battery swapping stations-
a. Investors
b. Founders
c. Company references- Gogoro, Sun mobility etc

3. Pitch