Indofast Energy expands franchise-based battery swapping network across India

Indofast Energy has announced the launch of a franchise programme to expand its battery-swapping network across India. The initiative targets entrepreneurs and business owners and outlines projected annual returns of up to 30%, depending on location and format. The company plans to expand operations in Tier-I and Tier-II cities, including Jaipur, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai.

Indofast Energy is a 50:50 joint venture between IndianOil Corporation Limited and SUN Mobility, and operates a Battery-as-a-Service (BaaS) model, developing and running battery-swapping infrastructure for two-wheelers, three-wheelers, and small four-wheelers. The company currently operates more than 200 franchise partner stations across over 12 cities. Under the franchise model, partners can set up battery swap stations with space requirements of approximately 250 square feet and an investment range of ₹10 lakh to ₹40 lakh.

The programme offers three formats—Swap Point, Swap Hub, and Swap Junction—allowing partners to select a format based on available space and investment capacity. According to the company, expected returns range from 1.7x to 2.7x on investment. Indofast Energy will provide support including site assessment, setup, and operational assistance. The franchise model also includes a referral programme for existing partners.

Indofast Energy stated that its battery-swapping network has facilitated over 44.5 million swaps and currently serves more than 50,000 vehicles across India. The franchise model includes automated operations, training, and a revenue structure comprising fixed returns and revenue sharing.

According to the company, the expansion coincides with increased adoption of electric vehicles in India, including rising use in delivery and gig-economy segments. The franchise programme is intended to support the development of EV infrastructure and enable participation by small and medium business owners.

Also read: Greaves Electric Mobility and Indofast Energy partner for battery-swapping e-scooter