The exit from Battery Smart was a key move, enabling FAAD Network’s founders and other investors to enjoy financial gains, approximately 370% IRR in the investment tenure, the company says.
Founded by IIT Kanpur Alumni – Pulkit Khurana and Siddharth Sikka, Battery Smart is facilitating Li-ion battery swaps that are efficient, cost-effective, and accessible for the two-wheeler and e-rickshaw market. Investment from FAAD helped accelerate this growth and li-ion adoption across 30 cities and stands at 1000+ swap stations across the country.
FAAD collaborated with Orios Venture Partners, Shish Ram Kharesiya, founder of BNM Retail, and other angel investors during the seed round in 2020 led by Orios Venture. FAAD Network, with a corpus of 300 crore, invests across diverse sectors and geographies in early-stage companies.
"We are extremely proud to announce our exit from Battery Smart at an astounding 61x multiple. This exit not only validates our investment approach but also underscores our commitment to creating significant value for our investors," Dinesh Singh, Co-founder and Director of FAAD Network, said in a statement. "Our investment in Battery Smart and other EV-related ventures further highlight our contribution towards the growth of the EV industry, and Battery Smart's current valuation proves the immense potential within this sector. We look forward to continuing our support for innovative startups that have the potential to revolutionize their industries,” added Singh.
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