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. Read: DPIIT Likely to Enhance Start-Up Funding in 100-Day Action Plan: Report
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