January 28th, 2025 | Mumbai
Mumbai-based VoltUp, a leading player in mobility-as-a-service (MaaS), has achieved a significant funding milestone. With $8 million in seed funding led by EM Impact Capital, VoltUp’s total funding now stands at $18 million, including a $10 million pre-seed round supported by industry giants like HDFC Bank, cKers, Grip Invest, and GetVantage.
This funding propels VoltUp’s mission to revolutionize EV adoption with its innovative battery-swapping technology.
Changing the EV Game with Battery-Swapping
VoltUp’s battery-swapping stations are redefining urban mobility by eliminating lengthy charging times. These strategically located stations offer a seamless swap in under a minute, ensuring:
- Minimal Downtime: Keeping two- and three-wheelers on the road without delays.
- Enhanced Efficiency: Boosting adoption in last-mile delivery and quick commerce sectors.
By addressing key pain points in EV charging, VoltUp is making EVs more accessible and practical for urban users.
Unstoppable Momentum: A Year of Achievements
The past year has been transformative for VoltUp:
- Exponential Growth: Revenue increased fourfold, reflecting the rising demand for its services.
- Scaling Ambitions: Plans to establish 1,000 battery-swapping stations across 20 cities in two years.
- Major Investments: Allocating $85 million for infrastructure development, including swapping stations, batteries, and its MaaS platform.
This expansion not only accelerates EV adoption but also generates employment, aligning with India’s sustainability goals.
Insights from Leadership
Siddharth Kabra, Founder & CEO of VoltUp, expressed confidence in the company’s trajectory:
“Our $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.”
On joining VoltUp’s board, Ravi Raj Salecha of EM Impact Capital remarked on the investment’s alignment with their energy transition goals, while James Kinsbrook, Managing Director at EM Impact Capital, highlighted VoltUp’s scalability and market potential.
Innovation Meets Technology
Operating in 14 cities, VoltUp employs advanced AI and data analytics to optimize its battery-swapping network, ensuring:
- Superior User Experience: A tech-driven approach enhances service reliability and efficiency.
- Sustainability Impact: Encouraging widespread EV adoption for a greener urban landscape.
Driving the Future of Urban Mobility
VoltUp’s innovative business model and strategic funding have positioned the company as a transformative force in India’s mobility landscape. By combining convenience, sustainability, and scalability, VoltUp is not just fueling EV adoption—it’s paving the road to a sustainable future.