VoltUp Receives USD 8 Million in Seed Funding Round
The Mumbai-based company had previously raised USD 10 million in the pre-seed round, bringing the total fund raised to USD 18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage.
January 29, 2025. By Aishwarya
The Mumbai-based company had previously raised USD 10 million in the pre-seed round, bringing the total fund raised to USD 18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage.
Founded in 2019 by Siddharth Kabra, VoltUp is a battery-swapping platform that is designed for electric 2-wheelers and 3-wheelers. Operating in 14 cities, VoltUp’s technology-first approach integrates AI and data analytics to optimize station locations, monitor battery performance in real-time, and predict user demand, offering a safer, more efficient, and time-saving alternative to traditional charging.
With a core focus on safety, health, and efficiency (SHE), VoltUp claims to deliver a more sustainable mobility experience, making densely populated cities smarter and more connected. Through its Mobility-as-a-Service (MaaS) network, the startup empowers delivery agents, gig workers, and small businesses with reliable electric 2-wheelers powered by proprietary swappable battery technology.
VoltUp plans to accelerate its MaaS offerings, integrating seamlessly with multiple electric vehicle platforms for two- and three-wheelers. It claims that its revenue has grown by over 4 times in the last 12 months and plans to deploy 1,000 new battery-swapping stations across 20 urban centres, supporting a growing customer base while promoting EV adoption and reducing range anxiety.
Over the next two years, VoltUp aspires to invest in assets worth over USD 85 million, including swapping stations, batteries, and expanding the MaaS platform leading to additional job creation and bolstering India’s transition to sustainable mobility.
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