Investment Thesis:
India is the world’s fastest-growing major economy and home to the largest population on Earth — 1.4 billion people. Mobility in India is dominated by two- and three-wheeler vehicles, with over 300 million on the road today. Of these, approximately 30 million are used for commercial purposes, including:
- Three-wheelers (similar to tuk-tuks) for transporting people and goods,
- Two-wheelers for e-commerce and the rapidly expanding quick commerce (q-commerce) sector.
India currently sees over 4 billion e-commerce and q-commerce deliveries per year, a number projected to reach 10 billion by 2028. This surge is enabled by India’s vast last-mile mobility network, which allows delivery times that are among the fastest globally. The scale, speed, and affordability of Indian last-mile logistics is unparalleled — but so is its environmental cost.
India is already the third-largest emitter of greenhouse gases, and its densely populated urban centers are grappling with severe air pollution. In response, cities are accelerating efforts to phase out internal combustion engine (ICE) vehicles and incentivize electrification of commercial mobility.
Investee Battery Smart:
Battery Smart is revolutionizing last-mile mobility through its scalable battery-swapping network for electric two- and three-wheelers. Launched in June 2020, the company has grown rapidly to become India’s largest battery-swapping network.
As of August 2025, Battery Smart has facilitated over 86 million battery swaps, avoiding more than 400,000 tonnes of CO₂ emissions — and the trajectory is only accelerating.
The company directly addresses the three core barriers commercial drivers face when considering electric vehicles over ICE alternatives:
| Problem | Battery Smart’s Solution |
| High upfront cost: EVs cost ~50% more than ICEs, with ~40% of the cost tied to the battery. | Battery-as-a-service: Drivers buy the vehicle but not the battery. Swapping lowers upfront cost and operating cost, creating a “green discount.” |
| Long charging time: Traditional charging takes ~2 hours, leading to lost income. | 2-minute battery swaps eliminate downtime and maximize driver earnings. |
| Range anxiety: Sparse charging infrastructure makes drivers fear running out of power. | A dense swapping network removes range anxiety and builds confidence in EV adoption. |