Electric scooter rental and battery swapping for delivery riders
A pre-launch fleet operator in western India raising seed equity, supplied with battery packs by a manufacturer under the same promoter.
Executive summary
Project Voltaic is a pre-launch operator of electric scooters and battery-swap stations built for delivery riders in western India. Riders pay one daily fee that covers the vehicle, swaps, insurance and the app. Batteries come from a manufacturer controlled by the same promoter, and the company is raising seed equity to run a pilot and then deploy a faster fleet.
The buyer case rests on price and structure, not traction. The pilot rate of ₹200 a day and the scale rate of ₹264 a day both sit below the comparison set of ₹275–300 (section 04).
The company owns the vehicle and the swap network, and its battery supplier has taken swappable-pack programmes through to full drawing sets (section 06). What is missing is operating evidence: the pilot has not run, and section 05 lists what it will measure.
At a glance
Basis of preparation. This summary rests on management's seed deck dated September 2026. The company has not launched, so there is no revenue, no customer history and no financial statement for any year. Every figure is a management price, a partner specification or a contract term.
Nothing here is audited or validated by the adviser. Pilot results will be the first evidence a buyer can underwrite.
Investment highlights
Priced below the whole comparison set
The pilot price undercuts every rental package the company tracks, and the scale price stays below the nearest comparable. One daily fee covers vehicle, swaps, insurance and the app.
33% below Yulu at pilot · 11% at scaleOwns the vehicle and the swap network
The company owns the scooters and the swap stations and assembles vehicles itself. Rivals in its set lease vehicles, buy energy from third parties, or buy packs from partners.
4 of 4 layers owned (company's assessment)A working battery base behind the fleet
The supplier has made lithium-ion packs since 2020, grades and qualifies cells in-house, and has taken swappable-pack programmes through to full drawing sets. It serves six industries.
2,500 packs a month installed capacitySupply terms written for the rollout
Pricing is cost-plus with open books. Capacity is reserved for the company's rollout, and the pack-design licence carries step-in rights with design files in escrow.
Warranty: 80% capacity at 40 monthsPilot first, scale second
A 25 kmph pilot proves the network before the 50 kmph fleet is deployed. Six operating measures are fixed in advance, from share of days paid to station utilisation.
6 pilot measures definedBusiness overview
The company is a fleet operator. It assembles the vehicle, installs the swap stations, signs gig-worker and platform tie-ups and runs the rider app. The battery pack, the one component it does not make, comes from a related manufacturer.
Fleet and assembly
Company-owned scooters, assembled in-house. The pilot runs at 25 kmph; the scale fleet runs at 50 kmph.
Swap stations
Company-owned stations. Each rider's fair-use limit is three swaps or 180 km a day.
Rider app and platform tie-ups
The company runs the app and holds the gig-worker and platform tie-ups.
Battery supply (related party)
The partner designs and makes the packs, sources cells and carries the pack warranty. Structure in section 06.
Business model and pricing
The rider pays one daily fee, not a charge per swap. Revenue therefore depends on how many days riders pay for, which is the first measure the pilot will report.
Entry price in the pilot. Fair use applies: three swaps or 180 km a day.
Price for the faster fleet, which the company says is the one that makes the network pay.
A 32% higher fee for a vehicle twice as fast. Cost per rider day at either price is not in this summary.
The company at pilot and at scale, against two comparison sets. Peers marked in the lighter fill extend to ₹300.
Against Yulu the company is ₹97 a day (33%) cheaper in the pilot and ₹33 a day (11%) cheaper at scale; against the ₹275–300 range the scale price is ₹11–36 (4–12%) lower. Only the scale price compares like for like on speed with the 50 kmph set.
| Offer | Speed | Price per day | Basis |
|---|---|---|---|
| Company, pilot | 25 kmph | ₹200 | Vehicle, swaps, insurance, app; fair use 3 swaps or 180 km |
| Company, scale | 50 kmph | ₹264 | Same package and fair use |
| Yulu | Low-speed, newer model | ₹297 | Unlimited km; price includes GST |
| Zypp and others | 50 kmph | ₹275–300 | Vehicles leased from NBFCs; energy bought from third parties |
Pilot and customers
Customers are delivery riders in western India who rent by the day and take the full package. A rider who keeps paying for days is the repeat signal, so the pilot measures paid days, swaps and churn before any revenue claim is made.
What the pilot will measure
No customer-level data exists because the company has not launched; rider data will be provided in the data room once the pilot runs.
No revenue and no unit economics yet. Cost per rider day, fleet size, station count and capex are not covered in this summary and will be provided in the data room.
Until the pilot reports, a buyer underwrites price, supply terms and the promoter, not traction.
Battery supply and structure
Batteries are the one layer the company does not make. They come from a manufacturer controlled by the same promoter, under a supply agreement that sets price, warranty, capacity and design rights.
Promoter-Director (1)
Owns 100% of the company before the round and controls the battery partner.
Company (issuer)
Fleet operator: fleet, swap stations, gig-worker and platform tie-ups, rider app, vehicle assembly.
Battery partner
Pack design and manufacturing, cell sourcing and pack warranty. Supplies the company under the agreement below.
| Pricing | Cost-plus, with open books |
| Warranty | 80% capacity at 40 months |
| Retirement | Packs retired at 65% capacity |
| Capacity | Reserved for the company's rollout |
| Design rights | Pack-design licence with step-in rights; design files in escrow |
Battery partner, in numbers
Common control cuts both ways. Reserved capacity, step-in rights and escrowed designs protect the company if the partner fails. Open-book, cost-plus pricing lets a buyer test transfer pricing between the two entities.
The investment is in the fleet operator only; the partner's own accounts sit outside this perimeter.
Positioning
The company positions against rental operators and swap networks on two measures: price (section 04) and how many layers of the chain it owns. The second is the company's own assessment.
| Zypp | Leases vehicles and buys energy. A pack line would mean new capex and new skills. |
| Yulu | Owns vehicles and swaps but buys its packs from partners. |
| VoltUp | Designs its LFP packs but does not build them. Energy only, no rider fleet. |
| Battery Smart | Energy network only. No vehicles and no pack manufacturing. |
Management and organisation
The company is led by a single founder who also runs its battery supplier. Team depth below the promoter is not covered in this summary.
| Role | Position | Holding and links |
|---|---|---|
| Promoter-Director (1) | Founder and Managing Director of the company | Owns 100% before the round; Managing Director of and controls the battery partner |
| Rest of the team | Not covered | To be provided in the data room |
Key-man exposure. One person owns the issuer, runs it and controls its battery supplier. A buyer will ask for a management layer below the promoter; the escrowed designs and step-in rights in section 06 are the protection already in place.
The transaction
The company is raising a seed round of equity, with the promoter holding all shares before it. Valuation, stake offered and use of proceeds are not set out in this summary.
Transaction parameters
Early-stage mobility and climate investors
Fit a price-led thesis and will underwrite the pilot design and supply terms.
Strategic partners in EV, batteries or gig platforms
Value the fleet, the swap network and platform access.
Risks and mitigants
Process and next steps
Adviser
CA Dhiraj Ostwal & Co. — Transaction Advisory. Quote reference SE-014, Project Voltaic. Route all enquiries through the adviser; do not contact the company, its promoter or its partners directly.
Disclaimer. This Confidential Information Summary is prepared by CA Dhiraj Ostwal & Co. for discussion with prospective investors and is circulated on the basis that it will be kept confidential. It has been prepared from information supplied by the company's management, which has not been audited or independently verified by the adviser.
No representation or warranty, express or implied, is given as to its accuracy or completeness, and no liability is accepted for any loss arising from its use. Prices, specifications and contract terms are management's own. Statements about third parties are the company's assessment and have not been verified.
Nothing in this document is an offer of securities, a solicitation, or investment, tax or legal advice. Recipients must make their own assessment and rely on their own advisers. The adviser may amend or withdraw this document and the process at any time without notice.