VoltUp Powers Ahead: $8Mn Seed Funding Fuels Ambitious EV Revolution in India

Author:Amita Singh Hours
voltup

VoltUp, a Pune-based electric mobility startup, has secured $8 million (approximately ₹69 crore) in a seed funding round led by EM Impact Capital. The funds, a mix of equity and debt, will be used to enhance VoltUp’s mobility-as-a-service (MaaS) offerings, particularly its battery-swapping infrastructure and related services.

VoltUp: Investment and Expansion Plans

  • VoltUp aims to invest $85 million over the next two years to expand its battery-swapping stations and battery assets.
  • The startup plans to establish 1,000 new battery-swapping stations across 20 urban centers in India, supporting the increasing adoption of electric vehicles (EVs), particularly two- and three-wheelers.

Background and Achievements

  • VoltUp, founded in 2019 by Siddharth Kabra, provides battery charging and swapping solutions, manufactures lithium-ion batteries, and offers a mobile app for battery health tracking.
  • Its battery management system allows users to monitor various metrics, including voltage, current, and potential short circuits.
  • The startup has reported a 4x growth in revenue over the past year.

VoltUp: Past Funding

  • In its pre-seed funding round, VoltUp raised $10 million, with participation from prominent investors such as HDFC Bank, cKers, Grip Invest, and GetVantage.

Strategic Impact and Future Goals

  • The company aims to meet growing demand in the electric mobility sector as it prepares for a Series A funding round later in the year.
  • CEO Siddharth Kabra emphasized the startup’s goal to lead India’s EV revolution by expanding its network and services.

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Industry Outlook

  • According to Prime Minister Narendra Modi, the number of EVs in India is expected to grow eightfold by the end of the decade, driven by increasing government and private sector efforts.
  • EV sales in India have grown significantly, from just 2,600 units sold annually a decade ago to 16.8 lakh units in 2024, representing a 640x increase.

This funding round positions VoltUp to capitalize on the rising demand for EVs, further accelerating India’s transition toward sustainable mobility.


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