In October 2023, Battery Smart, a fast-growing Indian battery-swapping company for electric vehicles (EVs), faced two strategic decisions that could reshape its future. The chief executive officer was considering backward integration through battery manufacturing to reduce supplier dependency amid rising competition across the EV value chain. At the same time, investors were pressing the company to pursue forward integration by entering the ride-sharing market, leveraging its existing infrastructure to serve e-rickshaw operators. While both opportunities aligned with the firm’s mission of accelerating EV adoption, they also posed significant financial and operational risks. As the CEO grappled with whether to expand ambitiously or maintain the focus on core operations, he needed to navigate investor expectations, regulatory uncertainty, and a rapidly evolving industry landscape.
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