Electric mobility startup VoltUp has bagged a seed funding of $8 Mn (around INR 69 Cr) in a mix of equity and debt infusion led by EM Impact Capital to boost its mobility as a service (MaaS) offering.
The Pune-based company plans to invest $85 Mn over the next two years in assets to expand its swapping stations and batteries. It also aims to deploy 1,000 new battery-swapping stations across 20 urban centres, supporting a growing customer base while promoting EV adoption.
Previously, the startup raised $10 Mn in its pre-seed funding round which saw participation from HDFC Bank, cKers, Grip Invest, GetVantage and family offices along with others.
“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,” said Siddharth Kabra, founder and CEO at VoltUp.
“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,” James Kinsbrook, managing director at EM Impact Capital said.
Founded in 2019 by Kabra, VoltUp is a mobility as a service startup which provides battery charging stations and also manufactures Li-on batteries for its customers. Moreover, the startup also has a mobile application which helps its customers to track the health of their batteries.
VoltUp battering is equipped with a battery management system which enables users to check metrics such as voltage, current, distribution, short circuit and more.
The startup also plans to deploy 1,000 new battery swapping stations and claims to have grown its revenues by 4X in the last one year.
There is a huge bump in the demand for electric mobility in the country. Two weeks back, Prime Minister Narendra Modi mentioned during his address at the Bharat Mobility Global Expo 2025 at Bharat Mandapam that the number of electric vehicles in India may see an eightfold rise by the end of this decade.
He further claimed that the sale of EV vehicles has increased 640 times in the past decade, reaching 16.80 Lakh in 2024 from 2,600 EVs sold annually ten years ago.
Moreover, inventors also seem to be attracted to the EV sector as many startups in the sector have raised funds in the recent past.
For instance, in January itself, two EV-based companies secured funds to foster their growth trajectory. Mumbai-based BGauss reportedly secured a funding of INR 161 Cr (around $18.6 Mn) from Bharat Value Fund (BVF) while Naxatra Labs also raised a seed round co-led by GVFL, Delhivery founder Mohit Tandon and Aspiring Minds founder Himanshu Aggarwal.
As per research the EV mobility market in India is set to become a $111 Bn opportunity by 2029 with CAGR of 19.44%.
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