FAAD Network Exits Battery Smart at Phenomenal 61x Return on Investment

  • FAAD Network gauges the vision of an early-stage venture and helps them achieve exceptional results. With Battery Smart, FAAD drew approximately 370% IRR in the investment tenure.
  • The initial investment was made in 2020 when Battery Smart was operational at only one store with a handful of customers. Currently, the startup is operational in 30 cities and 1000+ stations.

Gurgaon (Haryana), June 24, 2024: FAAD Network, a SEBI-registered Category 1 Angel Fund headquartered in Gurgaon, is thrilled to announce its strategic exit from Battery Smart, delivering an extraordinary 61x return on investment. This exit, achieved just 45 months after the initial investment, highlights FAAD Network’s exceptional investment strategy and timing. Battery Smart is a home-grown battery-swapping services provider for two and three-wheelers, currently valued at $340 million (INR 2,842 crore). The startup provides advanced lithium batteries to e-vehicles on a membership basis.

The exit from Battery Smart was a key move, enabling FAAD Network’s founders and other investors to enjoy significant financial gains, approximately 370% IRR in the investment tenure. This success underscores FAAD Network’s ability to identify and back high-potential startups, ensuring substantial returns.

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 Crs, 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, cementing its status as a premier angel fund.

“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,” said Dr. Dinesh Singh, Co-founder and Director of FAAD Network. “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.

As FAAD Network continues to identify and support transformative ventures, this recent exit reinforces its position as a leader in the angel investment landscape. The fund remains dedicated to fostering growth and success for startups, ensuring sustained value creation for its stakeholders.

About FAAD Network

FAAD Network is a SEBI-registered Category 1 Angel Fund with a corpus of 300 Crs. FAAD invests across diverse sectors and geographies, providing cheques ranging from 1 Cr to 4 Cr from Pre-Seed to Series A. With a portfolio of over 100 startups and more than 10 successful exits, FAAD Network is committed to fostering innovation and delivering outstanding returns to its investors. Based in Gurgaon, FAAD Network has continued to make strategic investment in the startup ecosystem since 2019.

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