Siddharth Kabra, Founder & CEO VoltUpVoltUp, an Indian Mobility-as-a-Service (MaaS) and battery-swapping startup, secured USD 8 million in seed funding, bringing their total raised to USD 18 million. This round, led by EM Impact Capital, will fuel VoltUp's expansion of battery-swapping stations and MaaS offerings, furthering electric vehicle adoption in India. The funding underscores market confidence in VoltUp's technology and its potential to revolutionize electric mobility, particularly in last-mile delivery and quick commerce.
Previous funding rounds
VoltUp's recent seed funding round, consisting of equity and debt, was spearheaded by EM Impact Capital, a specialist impact investor focused on sustainable investments. Previous investors, including a prominent Family Office, HDFC Bank, cKers, Grip Invest, and GetVantage, also participated, demonstrating continued support for VoltUp’s vision. This latest investment follows a USD 10 million pre-seed round.
VoltUp's core technology is its battery-swapping system, enabling electric two- and three-wheeler users to quickly exchange depleted batteries for charged ones at designated stations. This one-minute swap minimizes downtime and increases operational efficiency, particularly beneficial for last-mile delivery and quick commerce businesses. The technology allows for easy integration with various electric vehicle platforms.
Siddharth Kabra, Founder & CEO VoltUp, said “Our USD 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.”
Where will be utilised?
The newly acquired funding will be used to expand VoltUp's MaaS offerings and integrate its technology with more electric two- and three-wheeler platforms. The company plans to deploy 1,000 new battery-swapping stations across 20 urban centers, supporting a growing customer base and addressing range anxiety. VoltUp's revenue has quadrupled in the past year.
Over the next two years, VoltUp plans to invest over USD 85 million in assets, including swapping stations and batteries, and expand its MaaS platform. This investment is expected to create jobs and contribute to India's transition to sustainable mobility. The company is also preparing for a Series A funding round later this year.
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.”
EM Impact Capital's investment aligns with their focus on sustainable investments and contributing to the UN’s sustainable development goals. RaviRaj Salecha, from EM Impact Capital, has joined VoltUp's Board as a non-executive director. This partnership reinforces VoltUp's role in India's energy transition.
