Climate Insider Brief:
- VoltUp secured $8 million in seed funding, led by EM Impact Capital, bringing its total raised to $18 million.
- VoltUp’s battery-swapping technology enables users to swap batteries in under a minute, boosting efficiency for last-mile delivery and quick commerce.
- The company has experienced 4x revenue growth in the past year and plans to invest $85 million in assets over the next two years, strengthening India’s EV infrastructure.
Startup to Expand Battery-Swapping Network, Boost EV Adoption, and Gear Up for Series A Funding
VoltUp, a leading Mobility-as-a-Service (MaaS) platform and battery-swapping startup, has successfully closed an $8 million seed funding round, comprising a mix of equity and debt. The round was led by impact investor EM Impact Capital and saw participation from HDFC Bank, cKers, Grip Invest, GetVantage, and a prominent Family Office. This latest investment brings VoltUp’s total funding to $18 million, following a $10 million pre-seed round, reinforcing market confidence in its vision to revolutionize electric mobility and expand India’s electric vehicle (EV) infrastructure.
Powering the Future of Smart Electric Mobility
VoltUp’s battery-swapping technology enables electric two-wheeler and three-wheeler users to swap depleted batteries for fully charged ones in under a minute at strategically located stations. This innovation is a game-changer for last-mile delivery services and quick commerce, significantly reducing vehicle downtime while enhancing operational efficiency and solving range anxiety for EV users.
With fresh capital, VoltUp aims to accelerate India’s electric mobility transition by expanding its EV charging and battery-swapping network and seamlessly integrating with multiple two-wheeler and three-wheeler EV platforms. Over the past year, the company has seen a 4x increase in revenue, and now plans to deploy 1,000 new battery-swapping stations across 20 urban centers to further promote EV adoption in India.
“Our $18 million funding milestone represents a significant leap in VoltUp’s mission to make battery swapping as seamless and accessible as traditional refueling,” said Siddharth Kabra, Founder & CEO, VoltUp. “With EM Impact Capital’s strategic backing, we are primed to accelerate our growth trajectory, electrifying India’s mobility landscape through reliable and scalable battery-swapping solutions. Having established the right market fit with our offerings, we will continue to grow our EV infrastructure to meet the surging demand for electric two- and three-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.”
A Strategic Push for Sustainable Mobility and EV Adoption
VoltUp’s aggressive expansion is supported by a long-term investment strategy, with plans to invest over $85 million in assets over the next two years. This includes EV charging stations, battery-swapping stations, and MaaS platform enhancements, creating new job opportunities and strengthening India’s clean energy and sustainable transportation ecosystem.
The investment by EM Impact Capital, a specialist investor focused on sustainable mobility and high-growth emerging markets, highlights VoltUp’s critical role in India’s energy transition. This aligns with EM Impact’s commitment to advancing the UN Sustainable Development Goals (SDGs) and supporting businesses that drive environmental and social impact.
“We are excited to announce our investment in VoltUp and support their mission to amplify electric two-wheeler and three-wheeler adoption across India,” said James Kinsbrook, Managing Director, EM Impact Capital. “VoltUp is an innovative company that is not only well-positioned for financial growth, but also contributes to a more sustainable future. This investment aligns with our Impact Investment Strategy, which focuses on providing capital to scalable energy transition companies with proven business models across high-growth EV markets in Emerging Asia.”
As part of the investment, EM Impact’s RaviRaj Salecha has joined VoltUp’s Board as a Non-Executive Director, further strengthening the company’s leadership and strategic direction in India’s EV market.
Scaling Up India’s EV Infrastructure for a Greener Future
India’s EV adoption is surging, driven by government incentives, rising fuel costs, and increasing demand for sustainable mobility solutions. Battery swapping is emerging as a key enabler of India’s electric mobility ecosystem, offering cost-effective, time-efficient, and scalable solutions for EV users.
With its rapidly expanding EV charging and battery-swapping network, VoltUp is bridging the infrastructure gap and making electric mobility more accessible, efficient, and environmentally friendly. The company’s continued investment in clean energy and electric vehicle solutions underscores its commitment to reducing carbon emissions and driving India’s transition to sustainable transportation.
With Series A funding on the horizon, VoltUp is poised to further accelerate its impact on the EV market, solidifying its position as a leader in India’s electric mobility revolution.
Source: Financial Express
Featured Image: Credit: VoltUp
