Orios Venture Partners, an early-stage investor, has announced a partial exit from Battery Smart, realizing a remarkable 29x return on its investment. This exit aligns with Orios’ strategic portfolio approach, reinforcing its reputation as a leading early-stage investor in India and enhancing its track record of delivering substantial returns to investors.
Orios’ portfolio strategy is designed to provide Limited Partners (LPs) with a 1x return or return of principal by the fourth or fifth year of a fund, while retaining significant value for future growth. This method ensures that value compounds over the fund’s lifespan, benefiting both investors and the startups in which Orios invests.
“We were one of the first investors in Battery Smart, investing in February 2020 when they were still operating out of a garage,” remarked Sukhmani Bedi, Partner at Orios Venture Partners. “Watching Battery Smart grow has been incredibly rewarding. Over the years, the startup has proven the efficacy of their innovations and business model. They now capture over 70% market share and lead a rapidly expanding sector. Pulkit and Sidharth are brilliant entrepreneurs with a bold vision. We believed in their vision then and continue to believe in it now. We are proud of their impact and excited for the future, as they drive EV adoption in India.”
Founded in 2019, Battery Smart aims to simplify EV adoption by making it economical and accessible. Since launching its first battery-swapping station in June 2020, the company has quickly scaled to become India’s largest battery-swapping network for electric two- and three-wheelers, providing a hassle-free solution for EV users. As of April 2023, Battery Smart has completed 10 million battery swaps.
Orios Venture Partners remains highly optimistic about Battery Smart‘s future growth potential and continues to hold an investment in the company. Today, Battery Smart secured USD 65 million in Series B funding, further bolstering its position in the market.
This strategic move by Orios highlights its commitment to nurturing high-potential startups and delivering exceptional returns to its investors, underscoring the effectiveness of its investment philosophy and execution.
