Pune-based electric mobility startup VoltUp has secured $8 million (approximately INR 69 crore) in a combination of equity and debt funding, led by EM Impact Capital. This fresh capital will help the company expand its mobility-as-a-service (MaaS) offerings and accelerate its push towards EV adoption.
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VoltUp has ambitious plans to invest $85 million over the next two years in building its infrastructure, including battery-swapping stations and battery assets. The company aims to roll out 1,000 new swapping stations across 20 cities, making it easier for customers to transition to electric two- and three-wheelers.
Earlier, the startup raised $10 million in a pre-seed round with backing from HDFC Bank, cKers, Grip Invest, GetVantage, and multiple family offices.
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“We’ve identified the right market fit and are focused on scaling our battery-swapping network to meet the growing demand for electric mobility. With Series A funding on the horizon, VoltUp is doubling down on its mission to lead India’s EV transition,” said Siddharth Kabra, founder and CEO of VoltUp.
Established in 2019 by Kabra, VoltUp specializes in providing battery-swapping stations and manufacturing lithium-ion batteries, creating a seamless experience for its growing EV customer base.
