Battery Smart's Success, Lenskart Turns Public, and Nazara’s Acquisition Of Smaaash

A big change is happening in Indian cities, powered by delivery riders on bikes and auto-rickshaws. You might not always notice them, but these gig workers, quickly swapping batteries and zipping through traffic, are essential to India's fast-delivery services. And leading the charge is a startup called Battery Smart.

In the last few years, Battery Smart has claimed an estimated 70% market share in the EV battery swapping space for commercial two- and three-wheelers. Their strong position comes from being very focused, having clever partnerships, and knowing their users well - the gig workers who won’t take a break.

Swapping is fast, while charging is slow. That’s the simple logic used by Battery Smart to build its dominating market share. For someone delivering groceries in 10 minutes, or ferrying passengers in an e-rickshaw, time is money. Waiting 3 hours for a full charge just isn’t an option. But a battery swap takes 2–5 minutes. And thanks to Battery Smart’s growing network, there’s usually a swap station less than 1 km away.

They didn’t build these stations from scratch. They partnered with garages, kirana stores, even parking lots. This asset-light model kept costs in check while enabling fast rollout. And they layered that with tech IoT-enabled batteries, telematics, usage data-to fine-tune station placement and optimize inventory.

On top of this, they introduced a “Battery-as-a-Service” (BaaS) model, which separates the cost of the EV from its battery. For gig workers, that meant buying an EV suddenly became affordable. Pay-per-use and subscription options offered further flexibility.

But no startup story is ever perfect.

Battery Smart’s growth has come at a cost. Losses more than doubled to ₹140 crore in FY24, with expenses ballooning 162% to ₹327 crore. Building a dense swapping network and managing thousands of high-value batteries across 41 cities is a logistical marathon. There are reports of operational inconsistencies - malpractices at partner stations, overcrowded swaps, safety concerns. And despite internal standardization, industry-wide battery standardization still feels like a distant dream.

We believe Battery Smart is solving a real problem for a very real user: the gig worker. These are people who earn by the hour, and every minute counts. For them, battery swapping isn’t a luxury, but it’s a necessity. Battery Smart understood this before anyone else, and then executed brilliantly.

But there’s more to be done. We think that the next focus area of Battery Smart could be:

• Improving profitability. Can they optimize inventory and battery lifecycle management, to cut down replacement costs?

• Strengthening station-level governance to eliminate inconsistencies and malpractices.

• Expanding into adjacent segments. They could serve electric LCVs or private 2-wheelers.

• Owning more of the tech stack. Whether through a better BMS, proprietary battery design, or AI-led network optimization.

• Explore publishing real-time swap data or station uptime percentages. Something like Ola or Uber show driver ETAs and ratings - transparency could become a competitive advantage.

Also, as ultra-fast charging tech and solid-state batteries continue to evolve, Battery Smart will need to stay agile. They also need to think on how tech is evolving. Imagine, if a 10-minute charge becomes possible at scale, private 2-wheeler users might prefer that over swapping. Battery Smart’s early success came from understanding the need of gig workers; but its future will depend on how well it understands the changing dynamics of evolving market.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Suno Gaur Se Duniya Walo”: Nandan Nilekani Commits Second Grant To AI4Bharat

Nandan Nilekani is doubling down on Indian-language AI with a fresh multi-year grant to AI4Bharat. This IIT Madras initiative is quietly becoming the backbone of India’s multilingual AI revolution, powering platforms like Bhashini.

From governance to healthcare, it's open-source, Bharat-first, and now even stronger with Nilekani’s backing.

Read more here

“Himmat Hai Toh Safai Karo”: CCPA Asks Ecommerce Players For Self-Audit To Detect Dark Patterns

India’s Consumer Affairs Ministry just told e-commerce players: time to clean up your act. They’ve got three months to self-audit and weed out “dark patterns”—those sneaky design tricks that push you into buying or signing up for things.

If they pass, they can proudly declare themselves dark-pattern-free, like a digital badge of honesty.

Read more here

“Ye Bawla Sa Junoon Hai”: Lenskart Turns Into A Public Entity Ahead Of Its IPO

Lenskart just polished its lenses for the big stage - officially turning into a public limited company ahead of its IPO.

With a $5 billion valuation and backing from giants like Temasek and Fidelity, the eyewear brand is clearly seeing stars.

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“Sapno Ko Badi Udaan”: Centre Eases SEZ Norms To Boost Chips, Electronics Manufacturing

India just gave its chip dreams a size-down boost - the Centre has slashed SEZ land requirements for semiconductor and electronics units from 50 to just 10 hectares.

Even multi-product SEZs got a trim, now needing only 4 hectares. Add to that a potential $4B design-linked incentive on the horizon, and it’s clear: India wants to be the new silicon hotspot.

Read more here

“Hum Saath Saath Hai”: Nazara Completes Acquisition Of Smaaash For INR 126 Cr

Nazara just hit a home run in the real-world gaming space by acquiring Smaaash for ₹126 Cr.

With this move, the digital gaming giant now fully owns the arcade-sports entertainment brand known for blending cricket nets with VR headsets.

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1. Vecmocon is charging up with a fresh $8.7 Mn round led by Aavishkaar Capital, EIF, and Blume Ventures. The EV intelligence startup will use the mix of primary and secondary funding to supercharge its growth.
   Read more here

2. Biopeak has secured $3.5 Mn in seed funding from marquee names like Prashanth Prakash, the Kamath brothers, and Ranjan Pai. The wellness startup plans to scale up operations, hire top talent, and launch its own clinics.
   Read more here

3. Fintech startup Decentro has raised ₹30 Cr from InfoEdge Ventures and others, with a bold reverse-flipping move in sight. It’s bringing its parent entity back home from Singapore to India within the next 18 months.
   Read more here

4. HealthKois has launched a hefty $300 Mn fund to back 13–16 growth-stage startups in healthtech, medtech, and climate health. Led by the HealthQuad team, it's gunning for impact with cheques ranging from $7–25 Mn.
   Read more here

5. Kidswear brand Biglilpeople has raised ₹4 Cr in a seed round backed by angel investors and Capwise Financial Services. The mix of equity and structured debt will help the startup stitch up its next phase of growth.
   Read more here