FAAD Network Exits Battery Smart at 61x Return on Investment 

FAAD Network, a SEBI-registered Category 1 Angel Fund headquartered in Gurgaon, has announced its strategic exit from Battery Smart, delivering an extraordinary 61x return on investment. This exit was achieved just 45 months after the initial investment. 

Battery Smart is a home-grown battery-swapping services provider for two- and three-wheelers, currently valued at $340 million. The start-up provides advanced lithium batteries to e-vehicles on a membership basis. 

As per a company statement, the exit from Battery Smart was a key move, enabling FAAD Network’s founders and other investors to enjoy significant financial gains, approximately 370 per cent IRR in the investment tenure. 

Founded by IIT Kanpur alumni Pulkit Khurana and Siddharth Sikka, Battery Smart facilitates Li-ion battery swaps that are efficient, cost-effective, and accessible for the two-wheeler and e-rickshaw markets. Investment from FAAD helped accelerate this growth and li-ion adoption across 30 cities and stands at 1000+ swap stations across the country. 

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“This exit not only validates our investment approach but also underscores our commitment to creating significant value for our investors," said Dr. Dinesh Singh, co-founder and director of FAAD Network. "Our investment in Battery Smart and other EV-related ventures further highlights 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. 

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 Rs 300 crore, invests across diverse sectors and geographies in early-stage companies. Over the last couple of years, the Gurgaon-based fund has successfully exited more than 10 investments, as per a company statement.