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VoltUp Raises $8Mn In Seed Round Led By EM Impact Capital

VoltUp, India's leading Mobility-as-a-Service (MaaS) startup, has raised $8 million in a seed funding round comprising of equity and debt led by EM Impact Capital, a UK-based impact investment firm.

By Jitendra Das
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VoltUp Raises $8MN In Seed Round Led By EM Impact Capital

VoltUp, India's leading Mobility-as-a-Service (MaaS) startup, has raised $8 million in a seed funding round comprising of equity and debt led by EM Impact Capital, a UK-based impact investment firm.

The startup plans to use the funds to speed up its MaaS (Mobility-as-a-Service) services and connect them with different electric vehicle (EV) platforms for two- and three-wheelers, according to a statement. 

The company plans to set up 1,000 new battery swapping stations in 20 cities and invest more than $85 million in assets, including swapping stations and batteries. 

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Siddharth Kabra, Founder and CEO VoltUp, said, “Our $18 million funding milestone represents a significant leap in VoltUp’s mission to make battery swapping as seamless and accessible as traditional refuelling.With EM Impact Capital’s strategic backing- we are primed to accelerate our growth trajectory, electrifying India’s mobility landscape through reliable and scalable solutions. 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."

James Kinsbrook, Managing Director, EM Impact Capital, said, “We are excited to announce our investment in VoltUp and support their mission to amplify electric 2- and 3-wheeler adoption across India. VoltUp is an innovative company not only well-positioned to grow financially, but also contribute toa more sustainable future. 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.”

The founder also mentioned that the company is preparing to raise funds through a Series A round later this year.

VoltUp said its revenue has increased more than 4 times in the past 12 months, driven by higher demand for battery swapping due to the growth in last-mile logistics and the e-commerce boom.

About VoltUp

Mumbai-based VoltUp is a platform built to meet future mobility needs today. It offers a one-stop solution for battery swapping for all electric two-wheelers and three-wheelers. Operating in 14 cities, VoltUp's platform lets users swap smart batteries at designated stations, removing downtime and making it easier to use electric vehicles. 

The company focuses on Safety, Health, and Efficiency (SHE), using AI and advanced algorithms to monitor battery health, demand, and driving patterns in real time to optimize every ride.

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