Indofast Energy, a battery-swapping network operator for electric two-wheelers and three-wheelers, closed financial year 2026 with growth across infrastructure, fleet size, and commercial partnerships, the company announced on May 5.
By the end of FY26, the company had deployed over 1,600 battery swap stations across 23 cities, onboarded more than 90,000 vehicles, and entered agreements with 32 original equipment manufacturers. It reported that its network has facilitated 1.6 billion kilometres of travel on electric vehicles and claims to have helped avoid 80,000 tonnes of CO₂ emissions — figures the company says reflect the cumulative activity of its registered fleet since operations began.
The milestones mark a notable step up from earlier stages of the company's rollout, which initially concentrated on metro cities before moving into Tier II and Tier III markets. This geographic expansion signals a broader shift in the company's strategy — from proving the model in high-density urban centres to scaling it across smaller cities where EV infrastructure has historically been limited.
During FY26, Indofast Energy signed partnerships with OEMs including Motovolt Mobility, e-Sprinto, Quantum Energy, Bike Bazaar, Eveez, Bijliride, Thunderplus, and Green Tiger Mobility. The company said these tie-ups are aimed at expanding the supply of battery-swapping compatible EVs and lowering operating costs for fleet operators and gig workers. Compatibility between a vehicle and a swapping station is determined at the hardware level, which means OEM partnerships are a prerequisite for network adoption — a constraint that makes the number of OEM integrations a significant operational metric for companies in this space.
The company also added infrastructure partners in the form of public institutions and commercial venues, including Mumbai Metro Rail Corporation (MMRCL), Indian Railways, state electricity distributor BESCOM, and Nexus Select Malls. The integrations are intended to place swap stations at transit corridors and high-footfall urban locations. By embedding stations within existing public transport infrastructure, Indofast Energy is seeking to reduce the distance a rider must travel to access a swap point — a factor that affects how practical the network is for daily users.
CEO Anant Badjatya said the year's results reflect the company's intention to position battery swapping as a mainstream refuelling model for India's electric mobility segment. "From scaling our station footprint and onboarding thousands of vehicles, to forging strategic partnerships across OEMs, fleets and infrastructure players, every milestone reflects our commitment to powering everyday India," he said in a statement. "As the country's mobility transition gathers pace, battery swapping will play a critical role in driving convenience, affordability and scale."
A significant portion of the company's customer base comprises gig workers and last-mile delivery operators in sectors such as quick commerce, food delivery, e-commerce, and logistics. For these users, vehicle downtime directly affects earnings, making charging speed a practical concern rather than a matter of convenience. Indofast Energy's model allows riders to exchange a depleted battery for a charged one in approximately two minutes, rather than waiting for a vehicle to recharge from a fixed outlet — a process that typically takes several hours on standard chargers. The company says this model has helped reduce range anxiety and improve asset utilisation among commercial operators on its network.
Looking ahead, Indofast Energy has set a target of 3,500 stations and 2.32 lakh electric vehicles on its network by FY27 — more than doubling its current station count within a single financial year. Achieving that target will likely depend on the pace of OEM integrations, the availability of real estate for swap stations in smaller cities, and the continued growth of EV adoption in the two- and three-wheeler segment.
Indofast Energy was incorporated as a 50:50 joint venture between IndianOil Corporation Limited (IOCL), one of India's largest state-owned oil and gas companies, and SUN Mobility, a battery-swapping technology firm. The company operates on a Battery-as-a-Service (BaaS) model, under which customers pay for energy consumed rather than purchasing batteries outright — a structure that reduces the upfront cost of EV ownership by separating the vehicle price from the cost of the battery, typically one of the most expensive components of an electric vehicle.
The broader market context supports the company's expansion plans. India's electric two- and three-wheeler segment has seen increased adoption over recent years, driven in part by rising fuel costs and government incentive programmes. The central government's PM E-Drive scheme, along with various state-level subsidies, has helped bring down the effective purchase price of EVs for individual buyers and fleet operators. At the same time, the absence of a reliable public charging network remains one of the most frequently cited barriers to EV adoption, a gap that battery-swapping operators like Indofast Energy are seeking to address through fixed-location infrastructure that does not require users to wait.