Mobility-as-a-Service and battery-swiping platform, volup, on Monday said it has raised USD 8 million (about Rs 70r cr) in a seed round, which includes equity and debt.
The financing round was led by specialist investor Ithonya, a benefit of EMPIVICT, the company said in a statement.
Voltup had previously raised USD 10 million in a pre-seed round, bringing the total Fund raised to 18 million with the participation of prominent family office, HDFC Bank, CKERS, investment and GREVANTUTE.
“On the basis of Emffect Capital Cast, in Priment to accelerate our growth trajectory, the state of travel on the scale of India to travel with a reliable solution with reliable and excellent solutions,” said voldharth founder & CEO, said Siddharth Kabra.
He said the company will continue to expand its battery exchange network to meet the cyclical demand of two-wheelers and three-wheelers.
“As we prepare for a series of investments later this year, Voltup is more determined than ever to lead the charge for the electricity revolution in India,” said Kabra.
As part of Reventing Investment, Raviraj Salecha has joined Voltup’s Board as a non-executive Director, the statement said.
“Voltup is an innovative company not only for me to grow well because of the finances but also to have an impact on the sustainable future. This investment is in line with Capitable Investment Stratetes, which aims to provide money to business companies that are visible in high growth markets such as the one in Asia,” said managing director of senior capital, said James Kinsbrook.
The company said it plans to deploy 1,000 new battery exchange stations in 20 urban centers. Over the next two years, it plans to invest more than USD 85 million in relevant assets, including interchange stations, batteries, and expanding Maas (batteries-as-a-Service) leading to more job creation and strengthening India’s flexibility in sustainable mobility.