VoltUp, the Mobility-as-a-Service (MaaS) platform and battery-swapping startup, today announced the successful completion of an $8 million seed funding round, comprising equity and debt, which was led by specialist impact investor, EM Impact Capital. 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, underscoring strong market confidence in VoltUp’s mission to revolutionise electric mobility.

VoltUp’s battery-swapping technology empowers users of electric two- and three-wheelers to easily adopt smart mobility solutions powered by the quick exchange of depleted batteries for fully charged ones at strategically located stations within a minute, ensuring efficient, uninterrupted rides. For mobility and logistics solutions, especially in last-mile delivery and quick commerce, VoltUp unlocks new levels of productivity by reducing vehicle downtime and offering plug-and-play operational scalability.

With the latest funding, VoltUp is set to accelerate its MaaS offerings, integrating seamlessly with multiple electric vehicle platforms for two- and three-wheelers. VoltUp’s revenue has grown by over 4 times in the last 12 months and the company 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 plans to invest in assets worth over $85 million, including swapping stations, batteries, and expand the MaaS platform leading to additional job creation and bolstering India’s transition to sustainable mobility.

The investment by EM Impact Capital, a specialist investor with a dedicated focus on sustainable and impactful investments in emerging markets, highlights VoltUp’s critical role in India’s energy transition. The investment aligns with EM Impact’s commitment to generating social and environmental impact through alignment with the UN’s sustainable development goals. As part of the investment, EM Impact’s RaviRaj Salecha has joined the Board of VoltUp as a non-executive director.

VoltUp’s strategic expansion and continued innovation have positioned the company at the forefront of India’s shift towards electric mobility, driving environmental sustainability whilst delivering a superior user experience in urban transport solutions.

Siddharth Kabra, Founder & CEO VoltUp, said: “Our $18 million funding milestone represents a significant leap in VoltUp’s mission to make battery swapping as seamless and accessible as traditional refuelling. 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. Having established the right market fit with our offerings, we will continue to grow our battery-swapping network to meet the surging demand for electric 2&3- 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.”

James Kinsbrook, Managing Director, EM Impact Capital, said: “We are excited to announce our investment in VoltUp and support their mission to amplify electric 2- and 3- wheeler adoption across India. 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.”