Mumbai-based mobility-as-a-service (MaaS) and battery-swapping startup VoltUp has raised $8 million (Rs 67 crore) in its seed funding round, combining equity and debt. The funding round was led by EM Impact Capital, with participation from key investors such as prominent Family Office, HDFC Bank, cKers, Grip Invest, and GetVantage.
This latest round brings VoltUp’s total funding to $18 million, following its $10 million pre-seed round. Founded in 2019 by Siddharth Kabra, VoltUp is revolutionizing the electric mobility ecosystem through its battery-swapping platform, designed to cater to electric two-wheelers and three-wheelers.
Operating across 14 cities, the company leverages a technology-driven approach incorporating AI and data analytics. This enables the optimization of station locations, real-time battery performance monitoring, and demand prediction. The result is a safer, more efficient, and time-saving alternative to conventional charging, with a strong focus on safety, health, and efficiency (SHE).
Through its MaaS network, VoltUp empowers delivery agents, gig workers, and small businesses by providing reliable electric two-wheelers equipped with proprietary swappable battery technology. This innovation not only ensures uninterrupted operations but also promotes sustainable mobility solutions in densely populated urban centres.
VoltUp plans to scale its offerings by seamlessly integrating with multiple electric vehicle platforms for two- and three-wheelers. The startup reports a 4X revenue growth over the past year and aims to deploy 1,000 new battery-swapping stations across 20 urban centres shortly, addressing range anxiety while supporting a growing EV user base.
Looking ahead, VoltUp aspires to invest over $85 million in assets within the next two years, including swapping stations and batteries. This expansion is set to create new job opportunities, accelerate EV adoption, and strengthen India’s transition toward sustainable urban mobility.
By combining cutting-edge technology with a commitment to sustainability, VoltUp is shaping the future of electric mobility and enabling smarter, more connected cities across India.
