VoltUp, the Mobility-as-a-Service (MaaS) platform and battery-swapping startup, has raised $8 million in a seed funding round comprising of equity and debt, led by EM Impact Capital, a specialist impact investor.
The funds raised will be used to accelerate its mobility as a service (MaaS) offerings, integrating seamlessly with multiple electric vehicle platforms for two- and three-wheelers.
The company plans to deploy 1,000 new battery-swapping stations across 20 urban centres.
As part of the investment, EM Impact’s RaviRaj Salecha has joined the Board of VoltUp as a non-executive director.
VoltUp had previously raised $10 million in the pre-seed round, bringing the total fund raised to $18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage.
Siddharth Kabra, Founder & CEO VoltUp, said, “Our $18 million funding milestone represents a significant leap in VoltUp’s mission to make battery swapping as seamless and accessible as traditional refuelling. With EM Impact Capital’s strategic backing, we are primed to accelerate our growth trajectory, electrifying India’s mobility landscape through reliable and scalable solutions. Having established the right market fit with our offerings, we will continue to grow our battery-swapping network to meet the surging demand for electric 2&3-wheelers. As we gear up for Series A funding later this year, VoltUp is more determined than ever to lead the charge in India’s electric mobility revolution.”
James Kinsbrook, Managing Director, EM Impact Capital, said, “We are excited to announce our investment in VoltUp and support their mission to amplify electric 2- and 3-wheeler adoption across India. VoltUp is an innovative company not only well-positioned to grow financially, but also contribute to a more sustainable future. This investment is aligned with our Impact Investment Strategy, aimed at providing capital to scalable energy transition companies with proven business models across high-growth markets such as those in Emerging Asia.”
Founded in 2019 by Siddharth Kabra, VoltUp is a battery-swapping platform designed for electric 2-wheelers and 3-wheelers and also manufactures Li-on batteries for its customers.
VoltUp battering is equipped with a battery management system that enables users to check metrics such as voltage, current, distribution, short circuit and more.
Over the next two years, VoltUp plans to invest in assets worth over $85 million (₹750 crores), including swapping stations, and batteries, and expand the MaaS platform.
VoltUp’s revenue has grown over 4 times in the last 12 months. Recently, VoltUp has partnered with Revamp Moto to deploy 40,000 e-2wheelers.
