MaaS startup VoltUp, construction company NNT Developers, handloom clothing brand Dressfolk have raised fresh funding, companies said Monday. Also, MapmyIndia has acquired a 9.37% stake in SimDaaS Autonomy.
VoltUp, a Mumbai-based mobility as a service (MaaS) and battery-swapping startup, raised $8 million (Rs 67 crore) in a seed funding round led by EM Impact Capital, according to media reports.
Founded in 2019 by Siddharth Kabra, VoltUp operates in 14 cities, offering battery-swapping for electric two-wheelers and three-wheelers. Their AI-driven platform optimizes station locations, monitors battery performance, and predicts user demand, enhancing safety, efficiency, and convenience.
VoltUp plans to expand its MaaS offerings, aiming to deploy 1,000 new battery-swapping stations across 20 urban centers. The company reported a fourfold increase in revenue in the last fiscal and plan to invest over $85 million in assets, promoting EV adoption and creating jobs.
MapmyIndia has acquired a 9.37% stake in SimDaaS Autonomy, a provider of testing and simulation solutions for autonomous vehicles.
The acquisition, approved by MapmyIndia's board in November, involves an investment of Rs 3 crore in equity shares and compulsorily convertible preference shares (CCPS). This move aims to enhance MapmyIndia's business portfolio.
Founded in 2023, Kanpur-based SimDaaS has not previously raised equity funding.
NNT Developers
Patna-based NNT Developers has secured Rs 15 crore ($1.7 million) in a pre-IPO round. StepTrade Share Services' maiden fund, Chanakya Opportunities Fund I, which focuses on SME exchanges, along with other investors, participated in the round.
Founded by Suyash Kumar in 2017, NNT Developers specializes in construction, railway infrastructure, flood protection, and waterworks.
NNT Developers will use the funds to meet its working capital requirements and secure other projects through tender bidding. The company currently has an order book valued at approximately Rs 750 crore, with an estimated completion timeline of around three years, according to a press statement.
In FY24, the company registered a topline of Rs 146 crore.
Dressfolk, a handloom clothing brand, has secured an undisclosed amount of funding led by Eternal Capital. Other investors, including Mamaearth founder Ghazal Alagh, Boba Bhai founder Dhruv Koli, Nobody Ventures, and Eagle Wings Ventures, also participated in the round.
Additionally, 3 Peaks Ventures joined the round, while existing investors All In Capital and others also backed the company.
Currently, Dressfolk collaborates with a network of over 800 weavers and 120 artisans across six states.
