SparkGrid: valuing a fast-charging network before it scales too fast
SparkGrid is a fictional Indian EV charging platform with highway hubs, fleet depots, and software-led utilisation. The case teaches how operating drivers convert into valuation.
Do not value chargers. Value utilisation, spread, software and reinvestment discipline.
The case pushes students to move beyond simple revenue multiples. A charger only creates value when the site has demand, the power contract gives margin, uptime is high, and capex earns more than the cost of capital.
The same revenue can deserve different values.
A fleet depot with contracted demand may deserve a stronger multiple than a highway charger with seasonal traffic. Manas Kotrru's teaching lens here is simple: story first, numbers second, judgement always.
Business model
Charging spread, fleet subscriptions, energy software and site management fees.
Valuation question
Is SparkGrid a capital-heavy infrastructure company or a software-enabled energy platform?
Case output
Students build a driver-based valuation, stress-test assumptions, and defend a price range.