Battery Swapping in India: A Market and Entry Guide for Operators

Battery swapping in India has grown from pilot projects into commercial networks serving delivery riders and e-rickshaw drivers. This guide is written for operators and equipment suppliers evaluating the market. It covers demand, policy, competitors, station economics, technology standards and the main routes into the country.

1. Executive Summary

Battery swapping in India already operates at commercial scale, without a notified national policy. As of September 2026, the NITI Aayog Draft Battery Swapping Policy (April 2022) has still not been formally notified. A new operator therefore enters a market that is real and growing, but whose national rules are incomplete.

Demand is structural and concentrated in commercial two- and three-wheelers. India sold 1.40 million electric two-wheelers and 830,818 electric three-wheelers in FY2026 (April 2025 to March 2026), and electric models made up 61% of three-wheeler sales (Autocar Pro / Vahan). Commercial riders cover roughly 80 to 150 km a day and cannot absorb multi-hour charging stops, which is why swap demand sits in delivery fleets and e-rickshaws rather than private scooters.

Reported station totals differ and cannot simply be added. Yuma Energy describes a network of 2,000+ stations, Battery Smart reports 1,500+, and the IndianOil and SUN Mobility joint venture Indofast reports 1,400+. SUN Mobility also runs its own separate network of several hundred stations. Indofast is part-owned by SUN Mobility, and each operator defines "station" differently (Yulu) (EV Select).

Regulation is arriving in stages. The Ministry of Power's guidelines (issued 2024, published January 2025) formally recognise Battery-as-a-Service and separate battery ownership from vehicle ownership (Ministry of Power guidelines). Under PM E-DRIVE, swapping stations at any location can receive up to 80% support on upstream infrastructure costs, through proposals submitted by government bodies (Ministry of Heavy Industries guidelines). Interoperability is not legally binding, and a standalone battery is taxed at 18% GST against 5% for an electric vehicle.

Published market-size figures span a wide range because they measure different things. Estimates run from roughly USD 27 million (two-wheeler swapping revenue) to about USD 0.68 billion (broad Battery-as-a-Service including subscriptions), more than a 20-fold spread. Section 2.1 explains what each figure covers.

Most major networks are proprietary by design. As of September 2026, no binding rule requires one operator's battery to fit another's kiosk. A new entrant chooses between building proprietary hardware with locked-in OEM partners and waiting for interoperability standards to mature.

2. Market Background: India's 2W/3W Fleet and Electrification

India's road transport base is dominated by two- and three-wheelers. In FY2026 the country sold about 21.41 million two-wheelers and roughly 1.36 million three-wheelers (ICE and electric combined). Electric two-wheelers reached 6.54% of two-wheeler sales and electric three-wheelers reached 61% of three-wheeler sales, so the three-wheeler segment is already majority electric (Autocar Pro). Trade reporting of the IEA's Global EV Outlook puts India's calendar-2025 electric three-wheeler share at about 70%, among the highest for any single vehicle segment worldwide (IEA via trade reporting).

Total EV sales across all segments reached 2.45 million units in FY2026, about 25% higher than the year before. Electric two-wheelers (1.40 million, roughly 57% of EV sales) and electric three-wheelers (830,818, roughly 34%) together made up about 91% of India's EV volume (Autocar Pro).

This matters for swapping because the core customer is not a private car owner charging overnight. It is a commercial operator, such as a delivery rider, an e-rickshaw driver or a fleet manager, whose income depends on uptime. A swap typically takes 2 to 5 minutes, comparable to refuelling, and restores a working range (EV Select).

E-rickshaws are concentrated in northern and eastern India (Delhi NCR, Uttar Pradesh, Bihar, West Bengal and Rajasthan). With roughly 830,000 electric three-wheelers sold in FY2026, the segment is a large pool of recurring swap demand (Autocar Pro / Vahan).

2.1 Market Size: What the Published Estimates Measure

Published estimates differ mainly because they count different things. The table lists each figure with its source, year and scope. They should not be compared as if they measured the same market.

Source	Base figure	Forecast	Scope
Mordor Intelligence	USD 26.72M (2025)	USD 105.54M (2031), about 25.7% CAGR	Indian two-wheeler battery-swapping revenue only (Mordor)
IMARC via IBEF	USD 48.13M (2025)	USD 517.92M (2034), about 30.2% CAGR	Operational battery-swapping market (IBEF)
Marqstats (BaaS report)	USD 0.68B (2025)	USD 3.45B (2030), about 38.3% CAGR	Broad Battery-as-a-Service, including subscription, leasing and energy-as-a-service, far wider than swapping alone; single-publisher estimate (Marqstats)

The gap between the narrowest and widest figure reflects scope, revenue definition and whether subscription revenue is counted, not necessarily an error. For entry planning, the useful conclusion is the direction (fast growth) and the existence of a large, under-served commercial demand pool, not a single precise market size.

3. Demand Side: Who Uses Battery Swapping and Why

3.1 Gig Delivery and Quick-Commerce Riders

Quick-commerce platforms such as Blinkit, Zepto and Swiggy Instamart run from dark stores with short per-order distances, but full-time riders complete 30 to 40 or more deliveries across long shifts and accumulate roughly 80 to 120+ km of riding a day (PickMyWork). Monthly earnings in metros are commonly reported at ₹15,000 to ₹30,000 and track completed deliveries, so each minute spent charging is lost income. Swapping lets these riders keep working through the day instead of pausing to plug in. Swap frequency depends on pack capacity and route, so no single figure applies everywhere.

3.2 E-Rickshaw Drivers

E-rickshaws typically carry a few passengers and, with a lithium-ion pack, are reported to run roughly 80 to 120 km per charge for much of the day (CMV360). Under a Battery-as-a-Service structure, a driver can buy the vehicle without a battery and pay a recurring rental, which lowers the upfront price and moves battery maintenance and replacement to the operator. Vehicle prices, rental amounts and earnings vary widely by city and operator, so they should be checked against current local offers. With roughly 830,000 electric three-wheelers sold in FY2026, this is a large and recurring source of swap demand (Autocar Pro / Vahan).

3.3 Fleet Operators and B2B Contracts

Last-mile logistics operators, ride-hailing platforms and captive fleets sign volume agreements with swapping networks to guarantee driver uptime. Battery Smart reports serving 100,000+ drivers (EV Auto India). Yuma powers Yulu's fleet and also offers open-access services to third-party OEMs and delivery operators (Yulu). Committed volume gives a station the predictable throughput that its economics depend on.

3.4 Emerging: Heavy Commercial Vehicles

SUN Mobility reports an AIS-038-certified modular high-voltage swappable platform (50 and 100 kWh variants) aimed at trucks and buses (SUN Mobility). This segment is early, but it is a higher-value vertical for the future.

4. Policy and Standards: Legal Mandates vs. Subsidy Eligibility

India's framework has several layers. It helps to separate legal mandates, which apply whether or not you seek public money, from subsidy eligibility conditions, which apply only when you apply for public funding.

4.1 Legal Mandates (Compliance Required Regardless of Subsidies)

Regulation	Status	Scope
AIS-156	Mandatory for applicable 2W/3W batteries	Traction-battery safety for L-category electric vehicles, including cell-level safety requirements strengthened after the 2022 fire incidents; notified by MoRTH (Technology For You, summarising PIB and MoRTH lists)
AIS-038	Notified automotive standard	Safety requirements for the electric power train and rechargeable battery of M and N category vehicles (four wheels and above). It does not apply to L-category 2W/3W vehicles, so it is relevant to swap operators mainly for four-wheel and heavy-vehicle projects (Technology For You, summarising PIB and MoRTH lists) (AIS-038 Rev.2 draft text)
BIS IS 17896 (Parts 1 and 2: 2022)	Notified, aligned to IEC 62840	Part 1: general requirements and guidance for battery swap systems. Part 2: safety requirements, including communication security, EMC and protection against electric shock (BIS)
BIS IS 17855: 2022	Notified	Test specification for lithium-ion traction battery packs and systems (Technology For You, summarising PIB and BIS lists)
Battery Waste Management Rules, 2022	In effect	Extended Producer Responsibility (EPR) framework for collection, recycling and end-of-life management, overseen by CPCB (IBEF)
MoRTH battery-less vehicle registration	In effect	Allows registration of EVs sold without a fitted battery, which supports the Battery-as-a-Service model (IBEF)

4.2 Subsidy Eligibility Conditions (Apply When Accessing Public Funds)

Policy or scheme	Status	What it covers
NITI Aayog Draft Battery Swapping Policy (April 2022)	Never formally notified; remains a draft	Proposed interoperability direction, Battery-as-a-Service incentives and a private-investment framework. As of September 2026 no final national policy has been issued (IBEF)
Ministry of Power guidelines (2024, published January 2025)	In effect	Technical, operational and safety standards for swap and charging stations; recognises Battery-as-a-Service and separates battery ownership from vehicle ownership.
PM E-DRIVE (public charging and swapping infrastructure)	In effect	Total scheme outlay of ₹10,900 crore, of which ₹2,000 crore is for public charging infrastructure including battery swapping and battery charging stations (PIB). For swapping stations at any location, the guidelines provide up to 80% support on upstream infrastructure (for example transformers, cables and civil works), not on the full station cost (All India Radio). Proposals come from central ministries, public-sector enterprises and state or union-territory governments and their PSUs, so private operators take part through these bodies. Swapping stations must follow the Ministry of Power's January 2025 guidelines (Energetica India), and the guidelines reference domestic-content (Phased Manufacturing Programme) requirements (MHI guidelines)
GST structure	In effect	An electric vehicle attracts 5% GST, and this applies whether or not a battery is fitted (GST Circular 179/11/2022). A standalone lithium-ion battery attracts 18%, and advance rulings have treated charging and swapping as services taxed at 18% (KS&K). Confirm the treatment of your specific transaction structure with a qualified tax advisor

4.3 State-Level Policies (Selected)

State provisions change often. The entries below summarise what published sources report; check the current official notification before relying on any of them for an investment decision.

State	What is reported
Delhi	The Delhi Electric Vehicles Policy 2026 was notified on 30 June 2026, took effect on 1 July 2026 and runs to 31 March 2030. Delhi Transco Limited is the nodal agency for expanding public charging and battery-swapping infrastructure, with a single-window approval system. Purchase incentives cover both plug-in and battery-swapping vehicle buyers, and the state plans to seek PM E-DRIVE support for swapping infrastructure (The Tribune) (TeamLease RegTech) (Daily Pioneer)
Maharashtra	The state's EV policy recognises battery-less vehicles and allocates demand incentives between manufacturers and swapping operators (IBEF). The 2025 policy also provides concessional electricity tariffs for EV charging and battery-swapping stations under MERC Order No. 217 of 2024 (Mondaq)
Karnataka	Reported to support swapping infrastructure with land and capital incentives, which has made Bengaluru a major centre for swapping operators (IBEF)

Other states, including Uttar Pradesh, Tamil Nadu and Telangana, also run EV programmes that touch charging and swapping. Terms differ and change frequently, so read each state's official notification directly.

5. Competitive Landscape: Operators and Business Models

The table profiles the major networks using publicly available information. The data basis is stated per entry to separate company-reported claims from third-party estimates.

Operator	Stations (self-reported)	Vehicle focus	Model	Key milestones	Data basis
Yuma Energy (Magna and Yulu JV)	2,000+	E-2W, E-3W	Open network and B2B	Magna increased its investment by USD 35M (Sep 2026); powers Yulu and serves third-party OEMs and operators	Company-reported and press (Magna/Yuma) (Yulu)
Battery Smart	1,500+	E-rickshaws, e-2W fleets	Partner-led	100M cumulative swaps (Dec 2025); reports 100,000+ drivers	Company-reported and press (EV Auto India) (EV Select)
Indofast Energy (IndianOil and SUN Mobility JV)	1,400+	E-2W, E-3W	JV using fuel-station sites	JV formed 2024; the "2,750 stations by March 2026" figure was a stated target, and no updated actual has been confirmed	Company-reported and press (Energetica India)
SUN Mobility (own, non-JV network)	Several hundred (not additive with Indofast)	E-2W, E-3W, heavy vehicles	Fleet-focused and OEM partnerships	Reports first AIS-038 certification for a high-voltage swappable platform	Company-reported and press (SUN Mobility)
Honda e:Swap	Building toward a few hundred	Honda Activa e: (retail 2W)	OEM-linked, proprietary	Operating in Bengaluru and Delhi NCR, Mumbai planned; two Honda Mobile Power Pack e: packs per vehicle	Company-reported (Honda)
Gogoro India	Small, Delhi NCR	Fleet e-2W	B2B-first	Measured expansion with its India CrossOver scooter	Company-reported and press (EV Select)
Bounce Infinity	Small, Bengaluru	Infinity E1 retail scooter	OEM-linked	Retail scooter offered with a battery-free purchase option	Company-reported and press (EV Auto India)

OEM battery subscriptions without physical swapping. Several OEMs have introduced battery subscription or Battery-as-a-Service pricing for their scooters. These lower the upfront price, but the battery stays with the vehicle and is not swapped at public stations.

Structural observation. The market is served mainly by proprietary networks. Public information indicates that Battery Smart packs are not interchangeable with SUN Mobility hardware, and Honda e:Swap serves Honda-compatible packs. No binding interoperability rule exists as of September 2026. That is a barrier, because one station design cannot serve every network, and a defensive benefit, because each OEM relationship anchors a distinct customer base.

For a wider view of the sector, see our Top Motorcycle Battery Swapping Companies Worldwide.

6. Operating Model and Per-Station Economics

6.1 Station Cost Structure

A station's capital expenditure breaks down into the following layers.

Cost component	Indicative range (INR)	Notes
Swap cabinet / kiosk hardware	₹4–15 lakh	Varies with slot count, automation and HVAC
Battery pool (initial inventory)	₹5–15 lakh	Depends on chemistry, pack capacity and number of packs
Electrical infrastructure	₹2–8 lakh	Three-phase connection, load enhancement, transformer (hubs)
Software and IoT	₹1–3 lakh	BMS monitoring, app integration, payments
Civil work and site preparation	₹2–4 lakh	HVAC, fire safety, security, signage
Self-operated full hub (sum of the above)	₹14–45 lakh	The operator funds the complete station
Partner-model franchise entry	about ₹8–15 lakh	As reported by a third-party franchise portal (FranchiseHurt)

What the partner-model figure includes (site fit-out, cabinet, battery inventory, deposits) differs by operator and should be confirmed in the operator's term sheet. Some operators fund the hardware themselves and share revenue with the site host, in which case the host does not carry the ₹8–15 lakh figure at all.

6.2 Revenue Model Options

Model	How it works	Risk allocation
Pay-per-swap	Rider pays per swap, depending on city and pack size	Operator bears battery-degradation risk
Subscription / flat monthly	Fixed fee for unlimited or tiered swaps	Predictable revenue; utilisation risk sits with the operator
Per-km / per-kWh billing	Billed on energy or distance actually used	Closest to fuel economics; metering is more complex
Battery-as-a-Service fleet contract	Volume agreement with guaranteed throughput	Highest utilisation certainty; lower margin per swap

6.3 Breakeven Framework

The core equation is:

Daily breakeven swaps = fixed daily cost ÷ gross margin per swap

Where:

• Fixed daily cost = (rent + staff + baseline electricity + software and maintenance) ÷ 30
• Gross margin per swap = revenue per swap minus (electricity per charge cycle + battery depreciation per cycle)

The key variables are:

1. Utilisation (swaps per day): the dominant driver.
2. Battery-to-vehicle ratio: spare packs must circulate and recharge so a charged pack is always available.
3. Electricity tariff: commercial rates differ by state, and the Ministry of Power's charging guidelines refer to solar-hour and non-solar-hour tariff treatment (Ministry of Power guidelines).
4. Battery depreciation: LFP cycle life and residual value drive lifecycle cost.
5. Public support: upstream-infrastructure support under PM E-DRIVE changes the breakeven for stations that qualify, but it does not cover the battery pool or the cabinet. The subsidy is calculated on published benchmark costs or actual costs, whichever is lower, so it will not always equal 80% of what an operator spends (Mercom India).

Worked illustration (transparent assumptions, not a promise). The inputs below are the partner-model ranges published by a third-party franchise portal (FranchiseHurt). The lean and strong columns combine the unfavourable and favourable ends of the ranges for investment, utilisation and price, so they mark outer bounds, not expected outcomes. The middle column uses the midpoint of every range. The operator share per swap is treated as the contribution per swap after energy and battery costs, which should be confirmed in the operator's term sheet. All figures are estimates, not audited results, and were not provided by the operator.

	Lean case	Mid case	Strong case
Initial investment	₹15 lakh	₹11.5 lakh	₹8 lakh
Swaps per day	80	100	120
Operator share per swap	₹40	₹50	₹60
Monthly revenue (swaps × share × 30)	₹96,000	₹1,50,000	₹2,16,000
Monthly operating expenses	₹30,000	₹45,000	₹60,000
Monthly profit	₹66,000	₹1,05,000	₹1,56,000
Simple payback (investment ÷ monthly profit)	about 23 months	about 11 months	about 5 months
Swaps per day to cover operating costs (opex ÷ 30 ÷ share)	25	30	about 34

The simple payback assumes steady utilisation from the first day and excludes battery replacement. The last row applies the breakeven equation to operating costs only: the station covers its monthly costs at roughly 25 to 34 swaps a day, well below the 80 to 120 assumed, and payback depends on how far above that threshold it runs. The five-month figure needs low investment, high utilisation and a high price at the same time, so treat it as a best case. A real launch includes a ramp-up period with utilisation below target, so practical payback is longer than the figures above and depends heavily on the site. As a sensitivity check, if the middle case reached only 60 swaps a day, monthly profit would fall to ₹45,000 and simple payback would stretch to about 26 months.

7. Technology and Compatibility

7.1 Battery Specifications by Vehicle Class

Vehicle class	Typical pack capacity	Weight	Voltage platform	Chemistry
E-scooter (2W)	1.5–2.5 kWh	8–12 kg	48–60V	LFP (mass market) or NMC (premium)
Honda Mobile Power Pack e: (Activa e:)	1.5 kWh per pack, two packs per vehicle (Honda India specification)	about 10 kg per pack	about 50V nominal	Lithium-ion, IP65
E-rickshaw (3W)	6–10+ kWh	25–50 kg	48V common	LFP dominant
Heavy commercial (truck / bus)	50–100 kWh modular	Heavy	High voltage	LFP-type; certification per platform

The Honda figure follows the official Activa e: brochure for the Indian market (Honda India).

7.2 Standards Landscape

• AIS-156 sets safety requirements for L-category traction batteries.
• BIS IS 17896 Parts 1 and 2 cover battery swap-system guidance and safety requirements (BIS).
• IS 17855 covers traction-battery pack and system testing.
• Swap connectors and pack interfaces are not the subject of the IS 17017 series, which covers plug-in (conductive) charging connectors and inlets. As of September 2026, no universal swap-connector or pack-interface mandate has been notified.
• AIS-038 covers safety of the electric power train and battery in M and N category (four-wheel and above) vehicles, and is the basis of SUN Mobility's reported high-voltage swappable certification for trucks and buses.

As of September 2026, the notified swap standards do not include a mandatory RFID battery-history requirement.

7.3 India-Specific Challenges: Heat and Humidity

Ambient temperatures routinely exceed 40°C in summer across much of India, which affects pack performance and life. Swap stations can charge packs inside temperature-controlled enclosures instead of an underseat bay sitting in direct heat, and slower controlled charging rates reduce thermal stress. LFP is dominant in the mass market partly because of its stronger thermal stability, while NMC appears mainly where energy density is prioritised.

7.4 BMS Communication and IoT

Networks use IoT-connected battery management systems to monitor state of charge, state of health, location and temperature. SUN Mobility describes a digital-twin approach for tracking packs and swap events (SUN Mobility). Battery identification and traceability schemes are under development. None is a mandatory requirement in the notified national swap standards, but the Delhi Electric Vehicles Policy 2026 states that the government will promote a battery traceability ecosystem based on unique battery identifiers (Law.asia). Operators planning for Delhi should design packs and software with unique battery identification in mind.

8. Risks and Barriers to Entry

8.1 Capital Intensity of Battery Assets

The battery pool is the largest single capital commitment and a depreciating asset that has to be refreshed over time. A given pack serves only vehicles built for that form factor, so a shift in OEM relationships can leave inventory stranded.

8.2 Grid Access and Land

Three-phase commercial connections involve utility timelines that vary by state. The Ministry of Power guidelines aim to tighten connection timelines but do not remove the bottleneck (Ministry of Power). Small-footprint sites in busy areas still compete with retail real-estate economics.

8.3 Standards Fragmentation and Interoperability

With no binding interoperability rule, a pack design locks in specific OEM relationships, and future BIS standards could require hardware changes. The 2022 draft proposed multiple open ecosystems rather than one universal standard, and it remains unnotified.

8.4 Policy Uncertainty

Without a notified national policy, GST treatment, possible interoperability rules and state-level differences remain open to change. This is a material consideration for operators working across several states.

8.5 Localisation Requirements for Foreign Suppliers

PM E-DRIVE support is tied to domestic-content and phased-manufacturing requirements (MHI guidelines). A foreign equipment supplier whose customers want subsidy support generally needs a local manufacturing or assembly route. Building that capability requires a meaningful local manufacturing, assembly or partnership commitment.

9. Entry Paths: Choosing Your Route into India

9.1 Self-Operated Pilot (Metro First)

Best for: established equipment makers or well-capitalised entrants that want direct control.

Approach: deploy a focused cluster of stations in one metro, secure a few fleet or delivery agreements to guarantee baseline usage, and refine the design under real Indian operating conditions.

Capital profile: the highest. A full hub runs roughly ₹14–45 lakh per station, including the battery pool, and requires a local entity, certifications and utility connections. Upstream-infrastructure support under PM E-DRIVE can help where a government body sponsors the site.

Risk: highest capital exposure and the longest path to scale if utilisation is weak.

9.2 Franchise and Partnership Model

There are two structures, and they should not be confused:

• Partner-funded franchise: the local partner invests in a turnkey setup (third-party portals report about ₹8–15 lakh), provides the site and supervision, and operates under the operator's brand and software.
• Operator-funded revenue share: the operator owns the cabinet and batteries, and the local partner provides the site and supervision in return for a share of revenue.

Best for: technology providers that want capital-efficient geographic spread. The partner-funded version needs less operator capital, while the operator-funded version lowers the barrier for site hosts but needs more operator capital.

Risk: less direct control over quality, dependence on local adoption density, and brand risk if a partner underperforms.

9.3 Fleet B2B Contracts

Best for: operators able to secure volume commitments before they build.

Approach: contract with delivery platforms, e-commerce logistics providers or e-rickshaw fleet aggregators as a dedicated energy provider, and place stations along routes and near fleet parking.

Capital profile: moderate and tied to contracted fleet size. Committed volume makes the stations easier to finance.

Risk: customer concentration. Losing a major contract removes the utilisation base.

10. FAQ

Is battery swapping legal in India?

Yes. The Ministry of Power's guidelines recognise Battery-as-a-Service and separate battery and vehicle ownership, and MoRTH allows registration of battery-less EVs. There is no notified national swapping policy, however. The April 2022 NITI Aayog draft remains unnotified as of September 2026.

How much does it cost to set up a swapping station in India?

It depends on the structure. Third-party franchise portals report roughly ₹8–15 lakh for a partner-model entry, and indicative planning ranges for a self-operated full hub are roughly ₹14–45 lakh, including the battery pool, electrical works and site preparation. What the partner figure covers differs by operator. PM E-DRIVE support applies to upstream infrastructure of eligible stations through government-sponsored proposals, not to the full cost.

Which is the largest swapping company in India?

It depends on the measure. Battery Smart reports the largest cumulative swap volume, passing 100 million swaps in December 2025, while Yuma Energy reports a larger station count, at 2,000+. Definitions and reporting bases differ, so no operator is largest on every measure.

Do I need interoperability compliance to operate in India?

As of September 2026, no binding rule makes one operator's battery fit another's kiosk. BIS standards (IS 17896, IS 17855) set safety and test requirements, but cross-network compatibility is not legally mandated, and the main networks remain proprietary.

What is the GST difference between a complete EV and a standalone battery?

A complete electric vehicle attracts 5% GST, including when it is sold without a battery. A standalone lithium-ion battery attracts 18%, and advance rulings have treated charging and swapping as services taxed at 18%. Confirm the treatment of your specific structure with a qualified tax advisor.

Can foreign companies enter the Indian swapping market?

Yes, but PM E-DRIVE support is tied to domestic-content and localisation requirements, so foreign equipment suppliers generally need a local manufacturing, assembly or partnership route for their customers to access it.

Which states matter most for swapping?

Delhi, Maharashtra (Mumbai and Pune) and Karnataka (Bengaluru) are the states with the most published swapping-specific policy support and operator activity, and Uttar Pradesh, Telangana and Tamil Nadu are also frequently discussed. Check each state's official notification for current terms.

11. Sources and Methodology

This guide is compiled from public sources and does not draw on TYCORUN project data. Where possible, policy and subsidy statements are tied to primary documents:

• PM E-DRIVE: PIB release and the Ministry of Heavy Industries operational guidelines.
• Ministry of Power: guidelines for battery swapping and charging stations.
• Standards: BIS for IS 17896.
• Sales data: Vahan-based figures as reported by Autocar Pro.

Operator statistics are self-reported and are labelled as such. Market-size estimates are shown side by side with their scope instead of being merged into one number. Economic figures are illustrative planning inputs, not forecasts. Policy, tax and subsidy terms change often, so confirm current terms with the issuing authority and a qualified adviser before making an investment decision. Last reviewed: September 2026.

12. Partner With Us

India's commercial two- and three-wheeler fleets already run on swapping, and demand keeps growing even though national interoperability rules are not yet in place. For operators, the choices that matter most are equipment, OEM relationships and a localisation route.

TYCORUN provides battery swapping solutions covering swapping cabinets, standardised battery packs, cloud-based fleet management and operational support, built for high-uptime, high-temperature markets. If you are evaluating India, we can discuss cabinet and battery specifications against the Indian standards above, with the certification scope agreed per project.

Planning an India project? Contact TYCORUN's swapping solutions team

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