FAAD Network, a SEBI-registered Category 1 Angel Fund based in Gurgaon, has announced a strategic exit from Battery Smart, achieving a remarkable 61x return on investment. This exit came 45 months after the initial investment. Battery Smart, a local provider of battery-swapping services for two and three-wheelers, is now valued at USD 340 million (INR 2,842 crore). The startup offers advanced lithium batteries to electric vehicles on a membership basis.
This exit was a significant move for FAAD Network’s founders and other investors, delivering approximately 370% IRR over the investment period, according to the company.
Founded by IIT Kanpur alumni Pulkit Khurana and Siddharth Sikka, Battery Smart is pioneering efficient, cost-effective, and accessible Li-ion battery swaps for the two-wheeler and e-rickshaw markets. Investment from FAAD Network accelerated the growth and adoption of Li-ion technology across 30 cities, with over 1,000 swap stations nationwide.
FAAD Network collaborated with Orios Venture Partners, Shish Ram Kharesiya (founder of BNM Retail), and other angel investors during the 2020 seed round led by Orios Venture. With a corpus of INR 300 crore, FAAD invests in early-stage companies across diverse sectors and geographies.
“We’re thrilled to announce a significant financial return – a 61x multiplier – from our investment in Battery Smart. This milestone not only validates our investment strategy but also underscores our commitment to creating significant value for our investors,” stated Dinesh Singh, Co-founder and Director of FAAD Network. Our investment in Battery Smart and other EV-related ventures underscores our contribution to the growth of the EV industry. Battery Smart’s current valuation highlights the immense potential within this sector. We eagerly anticipate continuing our support for innovative startups with the potential to revolutionize their industries,” added Singh.
