VoltUp Secures USD 8 Million to Drive Battery-Swapping and Electric Mobility Solutions VoltUp's battery-swapping technology aims to facilitate the adoption of electric two- and three-wheelers by allowing users to exchange depleted batteries for fully charged ones in under a minute at strategically located stations
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VoltUp, a Mobility-as-a-Service (MaaS) platform specializing in battery-swapping technology, has raised USD 8 million in its seed funding round. The round, which included equity and debt, was led by EM Impact Capital, a specialist impact investor focused on sustainable investments in emerging markets. This brings VoltUp's total funding to USD 18 million, including USD 10 million raised in its pre-seed round, with contributions from HDFC Bank, cKers, Grip Invest, GetVantage, and prominent family offices.
VoltUp's battery-swapping technology aims to facilitate the adoption of electric two- and three-wheelers by allowing users to exchange depleted batteries for fully charged ones in under a minute at strategically located stations. The company has reported a fourfold revenue increase in the past year and plans to deploy 1,000 new battery-swapping stations across 20 urban centers. Over the next two years, VoltUp will invest over USD 85 million in swapping stations, batteries, and its MaaS platform, creating jobs and promoting sustainable mobility in India.
"Our USD 18 million funding milestone represents a significant leap in VoltUp's mission to make battery swapping as seamless and accessible as traditional refueling. With EM Impact Capital's strategic backing, we are primed to accelerate our growth trajectory," said Siddharth Kabra, Founder & CEO of VoltUp.
RaviRaj Salecha, a non-executive director at VoltUp and representative of EM Impact Capital, stated, "VoltUp is an innovative company not only well-positioned to grow financially, but also contribute to a more sustainable future."
Operating in 14 cities, VoltUp leverages AI and data analytics to optimize its battery-swapping network. EM Impact Capital's Managing Director, James Kinsbrook, added, "This investment aligns with our Impact Investment Strategy aimed at supporting scalable energy transition companies in high-growth markets."
