Electric mobility startup VoltUp has raised $8 million in seed funding, combining equity and debt, led by EM Impact Capital. The Pune-based company plans to invest $85 million over the next two years to expand its battery-swapping stations and infrastructure.
VoltUp aims to deploy 1,000 new battery-swapping stations across 20 urban centers, which will support its growing customer base and promote electric vehicle adoption. The startup previously secured $10 million in a pre-seed funding round from investors including HDFC Bank, cKers, and Grip Invest.
Siddharth Kabra, founder and CEO of VoltUp, expressed excitement about this funding milestone. He emphasised its significance in making battery swapping as accessible as traditional refuelling.
Founded in 2019, VoltUp specializes in providing battery charging solutions and manufacturing lithium-ion batteries for electric two- and three-wheelers. The company is well-positioned to meet the surging demand for electric mobility.
As VoltUp gears up for a Series A funding round later this year, it remains committed to leading the charge in India’s electric mobility revolution. The expansion of its battery-swapping network is expected to enhance convenience for users and drive sustainable transportation solutions.