Orios Venture Partners, a prominent early-stage investor in India, has announced a partial exit from Battery Smart, a pioneering battery-swapping network for electric vehicles (EVs). This exit, part of the current funding round, has yielded an impressive 29x return, further bolstering Orios’ reputation for delivering substantial returns to its investors.
Orios’ investment strategy is designed to ensure limited risk to Limited Partners (LPs) while creating substantial value for future growth. The firm aims to provide LPs with a 1x return or the return of the principal amount by the fourth or fifth year of a fund, allowing value to compound over the fund’s life. This approach is intended to benefit both investors and the startups in which Orios invests.
Sukhmani Bedi, Partner at Orios Venture Partners, commented on the milestone: “We were one of the first investors in Battery Smart, investing in February 2020 when they were still working out of a garage. Watching Battery Smart grow has been incredibly rewarding. Over the years, the startup has proven the efficacy of their innovations and business model.”
Bedi highlighted Battery Smart’s impressive market capture and the vision of its founders. “They now capture over 70% market share and lead a rapidly expanding sector. Pulkit and Sidharth are brilliant entrepreneurs with a bold vision. We believed in their vision then and continue to believe in it now. We are proud of their impact and excited for the future, as they drive EV adoption in India,” she said.
Battery Smart, founded in 2019, was established with the mission to simplify EV adoption by making it economical and accessible. Since launching its first battery-swapping station in June 2020, Battery Smart has scaled rapidly to become one of the largest battery-swapping networks for electric two and three-wheelers in India. As of April 2023, the company has completed over 10 million battery swaps, providing a seamless solution for EV users across the country.
The company’s innovative model has significantly impacted the EV industry in India, establishing numerous swapping stations and facilitating thousands of battery swaps. Orios Venture Partners continues to maintain its optimism about Battery Smart’s growth trajectory and retains its investment in the company, confident in its potential for future expansion.