VoltUp, a battery-swapping startup has secured $8 million (Rs 67 crore) in a seed funding round led by EM Impact Capital, combining equity and debt.
The company plans to expand its MaaS solutions, integrating with additional EV platforms for two- and three-wheelers.
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In the past year, VoltUp’s revenue has grown more than fourfold. The startup aims to deploy 1,000 new battery-swapping stations across 20 cities, addressing EV adoption barriers like range anxiety and enhancing user convenience. VoltUp supports delivery agents, gig workers, and small businesses through its MaaS network, offering electric two-wheelers powered by its proprietary swappable battery technology.
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This follows a $10 million pre-seed round, raising the total funding to $18 million, with contributions from prominent investors including HDFC Bank, cKers, Grip Invest, GetVantage, and a prominent family office.
About VoltUp
Founded in 2019 by Siddharth Kabra, VoltUp offers battery-swapping solutions for electric two-wheelers and three-wheelers. Operating in 14 cities, the platform leverages AI and data analytics to optimize station placement, monitor battery performance in real-time, and predict user demand.
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With a focus on safety, health, and efficiency (SHE), VoltUp provides a sustainable, efficient, and convenient alternative to traditional EV charging. Over the next two years, VoltUp plans to invest $85 million in swapping stations, batteries, and platform expansion, supporting India’s transition to sustainable mobility while creating new job opportunities.
