VoltUp, a Mobility-as-a-Service (MaaS) and battery swapping operator has raised $8 million in a seed funding round consisting of equity and debt, led by UK-based impact investment firm, EM Impact Capital.

The company had earlier secured $10 million in a pre-seed round from investors like HDFC Bank, family offices, and cKers.

The newly raised capital will be used to accelerate VoltUp's MaaS offerings and integrate them with multiple electric vehicle (EV) platforms for two and three-wheeler vehicles.

Founded in 2019, the company plans to expand its battery-swapping network by opening 1,000 new stations across 20 urban centers and investing over $85 million in assets, including swapping stations and batteries.

Siddharth Kabra, Founder and CEO of VoltUp, shared that the $18 million funding milestone represents a significant step in making battery swapping as seamless and accessible as traditional refueling. With the backing of EM Impact Capital, VoltUp aims to scale its operations and meet the rising demand for electric two and three-wheelers in India. The company is also preparing for a Series A funding round later this year.

VoltUp, based in Mumbai, has seen its revenue grow over four times in the past 12 months, driven by the increased demand for battery swapping, particularly in last-mile logistics and e-commerce. This funding comes shortly after the Ministry of Power announced updated guidelines to speed up the installation and operation of battery swapping and charging infrastructure, further promoting the adoption of electric vehicles in India.