VoltUp raises $8M in seed fund round to accelerate offerings
The Mobility-as-a-Service (MaaS) and battery swapping startup plans to deploy around 1,000 new swapping stations across 20 centres following the fundraise.
VoltUp on Monday raised $8 million in a seed round comprising of equity and debt, led by UK-based impact investment firm, EM Impact Capital.
The Mobility-as-a-Service and battery swapping operator had previously raised $10 million in a pre-seed round from family offices, HDFC Bank, cKers, among others.
VoltUp will use the newly-raised capital to accelerate its MaaS offerings and integrate it with multiple electric vehicle (EV) platforms for two and three wheeler vehicles, it said in a statement.
The company is targeting to open 1,000 new battery swapping stations across 20 urban centres and is planning to invest in assets worth over $85 million, which includes swapping stations and batteries.
“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,” said Siddharth Kabra, Founder and CEO VoltUp.
The founder also added that the company is gearing up for a Series A fundraise later this year.
Mumbai-based VoltUp added that its revenue has grown by over 4X in the last 12 months as demand for battery swapping rises amidst growth in last mile logistics and ecommerce boom.
The funding news comes days after The Ministry of Power laid out updated guidelines on installing and operating battery swapping and charging infrastructure to fast-track the adoption of electric vehicles (EVs) in the country.
“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 toa 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,” said James Kinsbrook, Managing Director, EM Impact Capital.
Edited by Megha Reddy