COMPANY INTELLIGENCE PROFILE
Upgrid Solutions Private Limited
Upgrid Solutions Private Limited is the legal entity behind Battery Smart, India's largest EV battery-swapping network (batteries-as-a-service for e-rickshaws and e-2Ws).
Upgrid Solutions Private Limited, operating as Battery Smart, is a leading provider of EV battery-swapping services in India, primarily serving e-rickshaws and electric two-wheelers. With around 1,569-1,600 swap stations launched across more than 50 cities and serving nearly 90,000 drivers, the company reports significant growth and profitability milestones in fiscal 2025. Financially supported with about USD 157 million in funding, Upgrid Solutions is recognized for its early-mover advantage in the industry.
AI-generated, may contain errors.
Business Overview
- Owns and operates "Battery Smart," India's largest battery-swapping network for electric vehicles, e-rickshaws / 3-wheelers and electric 2-wheelers.
- Provides IoT-enabled Li-ion batteries-as-a-service (BaaS): a driver exchanges a depleted battery for a fully charged one in minutes at a partner-operated swapping station.
- Reported scale (FY25/2025-26): 1,569-1,600+ active swap stations across 50+ cities, ~90,000 drivers served, 281,000+ circulating batteries, and ~90-100 million cumulative swaps.
- Franchise/partner-led station model.
Sector & Classification
EV battery-swapping / batteries-as-a-service. NIC: rental & leasing of machinery/equipment & motor vehicles (NIC group ~77); Tofler classifies under "Manufacturing of Machinery & Equipment". Some registries tag it under the automobile sector. DPIIT-recognised startup.
Directors & Key Management
Directors — source notes
Pulkit Khurana — Director & co-founder, DIN 07061065 (since 19 Nov 2019); Siddharth Sikka — Director & co-founder, DIN 07202913 (since 19 Nov 2019); Nakul Nitin Zaveri — Nominee Director (LeapFrog Investments), DIN 02145129 (appointed 13 Jun 2024). Sources: Falconebiz, Tofler (DINs agree across both).
GST Registrations
| GSTIN | State | PAN |
|---|---|---|
| 07AACCU5197R1ZF | — | AACCU5197R |
| 06AACCU5197R1ZH | Haryana, state code 06 | AACCU5197R |
GST — source notes
Primary GSTIN: 07AACCU5197R1ZF (Delhi, state code 07; registered 01 Dec 2019; type Regular; status Active). Second registration: 06AACCU5197R1ZH (Haryana, state code 06). PAN: AACCU5197R. Home state: Delhi. Minimum 2 GST registrations across states (nationwide network likely means more; only 2 confirmed in sources). Sources: piceapp, Masters India, knowyourgst-indexed data.
Financials
Upgrid Solutions reported a 52% increase in operating revenue to Rs 249 crore and a 49% rise in total revenue to Rs 279 crore for FY25. Operating costs were Rs 306 crore, with a cost-to-revenue ratio of 1.22. The company reached EBITDA-positive status and achieved operating break-even. Net worth increased by approximately 68.91% year-on-year, while total assets grew by 74.85%. Debt-to-Equity ratio is 0.0, and ROCE is 20.48%.
AI-generated, may contain errors.
| Standalone, Upgrid Solutions, FY25, year ended 31 Mar 2025, per Entrackr/MCA filing: Operating revenue Rs 249 crore, up 52% from Rs 164 cr in FY24 | |
| Total revenue | Rs 279 crore, up 49% from Rs 187 cr in FY24 |
| Other income | Rs 30 crore |
| Total operating costs | Rs 306 crore, up 53% from Rs 200 cr in FY24, cost-to-revenue Rs 1.22 per rupee of operating revenue. |
| Profitability | company reports it achieved operating break-even and turned EBITDA-positive in FY25 — exact EBITDA figure not disclosed. |
| PAT/net loss | not disclosed in sources, Tofler indicates a net profit margin of ~ -10.28%, implying a residual net loss, but the absolute figure is not obtained — partial. |
| Net worth | increased ~+68.91% YoY, absolute not obtained |
| Total assets | +74.85% YoY. Tofler shows Debt-to-Equity 0.0 and ROCE 20.48% (standalone). Standalone vs consolidated: figures above are standalone Upgrid Solutions |
| Group borrowings largely sit in the subsidiary Upgrid Electrilease, the rated/borrowing entity. | |
Funding History
- Cumulative funding ~USD 157 million across ~17 rounds.
- Key equity round: Series B USD 65 million (Jun 2024) led by LeapFrog Investments, with participation from MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment (BII).
- Valuation ~USD 340 million at the first tranche (USD 45M) of Series B, up from ~USD 210 million in the pre-Series B round (Nov 2023).
- Debt: USD 15 million debt facility from Mirova, Natixis affiliate.
- A pre-Series C round has reportedly been initiated (Entrackr).
- Sources: Entrackr, LeapFrog, EVreporter/pv-magazine.
Loans & Charges
- No open/registered charges on Upgrid Solutions per Tofler/TheCompanyCheck, Debt-to-Equity 0.0 at the standalone level.
- Satisfied (closed) charges of ~Rs 24 crore reported.
- Debt for the group is raised primarily through the subsidiary Upgrid Electrilease Private Limited (bond issuances, e.g.
- ISIN INE0MZC07080, and bank facilities rated by ICRA).
Credit Ratings
| ICRA | [ICRA]BBB- (Stable) assigned to bank facilities of Upgrid Electrilease Private Limited, rating rationale dated 22 Oct 2024; subsequently reaffirmed, report id 137082. |
| ENTITY-CONFUSION CAVEAT | the rating is issued on the subsidiary Upgrid Electrilease, the borrowing entity, but ICRA explicitly takes a consolidated view of Upgrid Electrilease AND its parent Upgrid Solutions given common management and linkages. |
| No standalone CRISIL/CARE rating found specifically for Upgrid Solutions. | |
| Rating drivers cited | healthy market position in the emerging battery-swapping industry, early-mover advantage, and a track record of raising growth capital from well-funded institutional investors. |
Legal & Compliance
- None found in the sources reviewed, no Indian Kanoon matches surfaced for Upgrid Solutions Private Limited in this pass. Not exhaustively searched — treat as "none found," not a clean bill.
Competitive Landscape
- SUN Mobility, BaaS pioneer, 600+ swap stations — large peer
- ChargeUp, 3W-focused, dealer network — mid
- RACE Energy, Hyderabad, swappable packs — early/mid
- VoltUp (mid)
- Bounce Infinity, 2W swapping — mid
- Honda Power Pack Energy India / HEID, OEM-backed — large-backed
- Yuma Energy (2W — early). Battery Smart is the market leader by station count and swap volume.
Frequently Asked Questions
What does Upgrid Solutions Private Limited do?
Upgrid Solutions Private Limited is the legal entity behind Battery Smart, India's largest EV battery-swapping network, providing batteries-as-a-service for e-rickshaws and electric 2-wheelers.
What is the CIN of Upgrid Solutions Private Limited?
The CIN of Upgrid Solutions Private Limited is U31904DL2019PTC357706.
When was Upgrid Solutions Private Limited incorporated?
Upgrid Solutions Private Limited was incorporated on December 1, 2019.
Information compiled from public registry and secondary sources. It may be incomplete or dated; verify independently before relying on it.