VoltUp's Seed Funding Round Fetches Rs 70 Crore

Mobility-as-a-Service platform and battery-swapping startup, VoltUp, on Monday said it has raised $8 million (nearly Rs 70 crore) in a seed funding round, comprising equity and debt.

The funding round was led by specialist impact investor, EM Impact Capital, the company said in a statement.

VoltUp had previously raised $10 million in the pre-seed round, bringing the total fund raised to $18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage, it added.

"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," VoltUp Founder and Chief Executive Officer, Siddharth Kabra, said.

He said the company will continue to grow its battery-swapping network 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," Kabra added.

As part of the investment, EM Impact's RaviRaj Salecha has joined the board of VoltUp as a non-executive director, the statement said.

"VoltUp is an innovative company not only well-positioned to grow financially but also contribute to a 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," EM Impact Capital Managing Director, James Kinsbrook said.

The company said it plans to deploy 1,000 new battery-swapping stations across 20 urban centres. Over the next two years, it plans to invest in assets worth over $85 million, including swapping stations, batteries, and expand the Mobility-as-a-Service platform leading to additional job creation and bolstering India's transition to sustainable mobility.