Maxvolt Fund Raise
Venture Garage Mentored Innovator, Maxvolt Energy incubated in 2019, Secures $1.5mn Funding in Latest Private Placement Round, with an eye on an SME-IPO within FY 24-25
31st May 2024: Noida-based EV battery manufacturing startup Maxvolt Energy has successfully secured $1.5 million in a Private Placement round of funding from VG-Angels and prominent Pre-IPO investors through Venture Garage.
Founded by Satendra Shukla, Vishal Gupta and Bhuvneshwar Pal Singh Maxvolt provides batteries for e-cycles, e-scooters, and e-rickshaws, alongside lithium battery energy solutions. The company offers a 100% buyback and a 3-year replacement warranty on its batteries at no extra cost.
“I’m excited to share that our team is crafting a fast-charging solution set to revolutionize our customers’ charging experiences. Currently in the prototype development phase, we’re aiming to unveil the final product in stages by the end of 2024 after rigorous R&D. In the initial phase, we’re focused on reducing charging times to 2 hours, with plans to further slash it to just 1 hour in subsequent phases”.
–Satendra Shukla, Co-Founder and CBO, Maxvolt
“It’s an electrifying time for us as investor interest surges, coinciding with the scorching pace of EV adoption across India. In FY2024, we witnessed a remarkable 41% surge in sales across various vehicle types within the Indian EV sector. Looking ahead to FY2025, an even more impressive 66% growth trajectory is anticipated. The momentum is thrilling, and we’re thrilled to be at the forefront of this transformative wave in mobility”.
–Vivek Kumar, Co-founder & CEO, Venture Garage
With the newly secured capital, Maxvolt is strategically directing its focus towards the development and imminent introduction of fast-charging lithium-ion batteries. This significant allocation of resources underscores the company’s commitment to pioneering innovation in the electric mobility sector. Positioned at the forefront of technological advancement, Maxvolt is poised to redefine industry benchmarks and enhance the overall customer experience in the realm of electric vehicles.
To know more about Maxvolt, visit: https://venturegarage.in/maxvolt-energy/