A mobility-as-a-service (MaaS) platform and battery-swapping startup, VoltUp, has successfully raised USD 8 million which comes to about INR 67 crore in a seed funding round. This funding comprised both equity and debt, wherein, the round was led by EM Impact Capital.
Furthermore, VoltUp had raised USD 10 million in the pre-seed round previously; thereby bringing the total fund raised to USD 18 million. Also to note, the round saw participation from prominent Family Office, coupled with HDFC Bank, Grip Invest, cKers, and GetVantage.
This Mumbai-based company was established back in 2019 by Siddharth Kabra, wherein it is known in the market as a battery-swapping platform that is designed for electric 2-wheelers and 3-wheelers. Currently, it operates out of 14 cities, and integrates AI and data analytics to optimize station locations, predict user demand, enable real-time battery performance monitoring; thereby offering a safer, time-saving and more efficient, alternative to traditional charging.
Also, powered by proprietary swappable battery technology, the startup has also been empowering delivery agents, gig workers, and small businesses with reliable electric 2-wheelers through its Mobility-as-a-Service (MaaS) network.
The company has also claimed that its revenue has grown 4x in the last 12 months and now plans to deploy 1,000 new battery-swapping stations across 20 urban centres. This move is to further support its growing customer base while steering EV adoption by reducing range anxiety.
Also to note, VoltUp aspires to invest in assets worth over USD 85 million over the next two years, which will include swapping stations, batteries, and expanding the MaaS platform. This is said to lead to additional job creation thereby bolstering India’s transition to sustainable mobility.
