Battery as a Service' (BaaS) business model based on battery swapping technology is the new talk of the Indian EV Motown. Recent innovations in BESS (Battery Energy Storage System) technology have been a fillip to newer business models in the EV industry. In the FY2022-23 Union budget, Finance Minister Nirmala Sitharaman expressed the government's aim to establish a policy for battery swapping and specify interoperability standards. In the light of these developments, we can expect the BaaS business model to attract remarkable participation by the industry players.
This publication outlines (i) the government's electrification plan, (ii) the role of BaaS in the scheme of things, (iii) the approaches of industry players in bringing the service to the customer, (iv) the existing challenges and future opportunities in the industry, and (v) the customer value proposition for the adoption of BaaS.