India’s mobility-as-a-service (MaaS) startup VoltUp has secured US$8 million in seed funding led by EM Impact Capital.

The funds will help enhance VoltUp’s battery-swapping network and mobility solutions.

The company plans to invest US$85 million over the next two years to establish 1,000 new battery-swapping stations in 20 urban centers across India to support the growing demand for electric two- and three-wheelers.

Founded in 2019 by Siddharth Kabra, VoltUp operates battery charging stations and manufactures lithium-ion batteries.

Previously, it raised US$10 million in a pre-seed round with investors including HDFC Bank, cKers, Grip Invest, and GetVantage.

The company has reported a fourfold revenue increase over the past year.