Maxvolt Energy Crosses ₹100 Crore Benchmark, Achieves ₹107 Cr Revenue in FY 2024-25
Following a robustly successful 2023-24, when revenue grew 253% to ₹48.37 crore, with PAT standing at ₹5.21 crore, Maxvolt Energy Industries Limited, considered one of India’s fastest-growing players in lithium battery technology, achieved a new feat of crossing the ₹100 crore mark with ₹107 crores revenue in 2024-25. Second time in a row, the company has grown over 200%, indicating Maxvolt’s strategic expansion, innovative product offerings, and strong market positioning in India’s green energy transition.
The AIS 156-certified company has remained in a league of suitable solution providers for electric vehicles, ESS, and other categories like medical equipment and consumer electronics. Earlier this year, Maxvolt debuted on the National Stock Exchange (NSE) Emerge platform. On day one, its Initial Public Offering (IPO) witnessed an overwhelming subscription of 3.3 times, reflecting strong investor confidence in the company’s growth potential and leadership in clean energy solutions. Recently, Maxvolt received $1.5M in funding from VCs and HNIs.
On this occasion, Mr. Satendra Shukla, Chief Business Officer of Maxvolt Energy, stated, “Passing the ₹100 crore figure endorses our commitment to technological innovation, sustainability, and operational excellence. It is also a reflection of the trust customers and stakeholders bestow upon us in building the future of energy.”
Maxvolt’s growth story is backed by advanced R&D and a suite of proprietary technologies, including Active Balancer Technology, Superior Thermal Management Systems, and Intelligent Battery Control Mechanisms, to ensure that battery packs’ safety, efficiency, and life expectancy are achieved to the fullest. Recently, the company launched its Smart Lithium – Hybrid Inverter Series which is compatible with lithium and lead batteries.
With its operational battery take-back-and-reuse program, which spans around 85 % of the Indian market, Maxvolt is creating massive-scale environmental and economic impact. The company has generated more than 200 direct employment opportunities while thousands of users have shifted to adopting sustainable energy solutions.
Maxvolt is establishing a massive lithium battery recycling plant to reduce dependency on imported raw materials and close the loop on battery lifecycle management. At the same time, Phase 2 of its capacity expansion has been initiated to scale its production beyond 6000 + battery packs per annum, with plans to set up a dedicated production line for advanced ESS batteries to service the growing demand from solar and grid-scale energy projects.
Looking further ahead, Maxvolt is scouting for new sites for setting up its EV charger production plant and is actively working to export readiness for cracking global markets. R&D concentrates on developing next-generation battery technologies with higher energy density and lower costs.
“Maxvolt believes in responsible innovation, leading to intelligent, efficient, and environment-friendly solutions. Our mission is to change how energy is stored and consumed in India or the world at large. The future, after all, belongs to the clean power industry, and Maxvolt duly commits itself to lead this change.” Mr. Satendra Shukla further added.
With enormous revenue growth, Maxvolt Energy is on the cusp of assuming an essential role in shaping the future of clean energy infrastructure in India.
India’s lithium-ion battery industry is seeing a sharp rise in production capacity, growing from about 18 gigawatt hours in 2023 to a projected 150 gigawatt hours by 2030. This growth is mainly because of the rising adoption of electric vehicles and the demand for better energy storage solutions.
Maxvolt Energy Industries Limited is playing a significant role in this transformation. Established in 2019, the company focuses on manufacturing high-quality lithium-ion battery solutions for electric vehicles, solar applications, energy storage systems, and more. Operating from a modern facility, the company offers innovative and eco-friendly battery solutions for different industries.
In this article, explore more about Maxvolt Energy, its founders, business model, funding, challenges, growth, and more.
Maxvolt Energy – Company Highlights
Company Name
Maxvolt Energy Industries Limited
Headquarters
Ghaziabad, Uttar Pradesh, India
Sector
Cleantech, Lithium Battery, Energy Storage
Founder
Bhuvneshwar Pal Singh, Vishal Gupta, Satendra Shukla
Founded
2019
Website
maxvoltenergy.com
Maxvolt Energy – About
Maxvolt Energy Industries Limited, established in 2019, is one of the leading manufacturers and suppliers of lithium battery packs for electric vehicles (EVs), solar applications, energy storage systems, and medical device batteries. With state-of-the-art manufacturing facilities and a dedicated team, Maxvolt ensures high reliability and efficiency in every lithium battery pack.
Maxvolt Energy – Industry
The global EV battery market is projected to reach a total addressable market (TAM) of USD 300 billion by 2035. Maxvolt Energy is strategically positioned to capitalise on this growing demand for sustainable energy solutions. The company is currently experiencing 5x revenue growth year-over-year. This strong growth is driven by a combination of factors, including innovation in lithium battery technology, an expanding dealer and distributor network, and a consistent focus on quality and reliability. Customer satisfaction and after-sales support also remain key priorities.
To sustain this momentum, Maxvolt Energy continues to invest in research and development, strengthen its supply chain, and explore new market opportunities.
In addition, the company is taking several steps to establish a robust global presence. These include forming strategic partnerships, expanding manufacturing capacity, and ensuring compliance with international standards. Maxvolt is also working on repurposing used batteries for various stationary applications and setting up a lithium battery recycling plant. Its goal is to build a comprehensive ecosystem that supports sustainability and long-term growth.
The company is actively searching for a suitable location in Gujarat and plans to finalise site selection by the end of the next financial year. Furthermore, Maxvolt Energy’s leadership is focused on enhancing its R&D facility and establishing a dedicated production line for energy storage system (ESS) batteries.
Maxvolt Energy – Founders and Team
Bhuvneshwar Pal Singh, Mukesh Gupta, Vishal Gupta, Satendra Shukla (left to right)
Maxvolt Energy Industries Limited was co-founded by Bhuvneshwar Pal Singh (MD & CFO), Vishal Gupta (Chairman & CTO), and Satendra Shukla (CBO & CEO) in 2019.
Vishal Gupta is a young technocrat with sharp analytical and forecasting skills and is adept at catering to India’s burgeoning electric vehicle industry with cutting-edge battery solutions to satisfy current as well as future needs. Armed with a bachelor’s degree in Mechanical Engineering from a highly reputed institution in the country, Vishal is also accredited with an Advanced Programme in E-Vehicle Technology (Electric Vehicle) from IIT Delhi.
Satendra Shukla, the Chief Business Officer at Maxvolt Energy Industries Limited, brings a wealth of expertise, knowledge, and dedication to the organisation. With over 12 years of professional experience, this young business leader started his journey at Maxvolt to revolutionise the battery market with cutting-edge lithium technology. Besides being an MBA (Finance), Satendra is very adept at developing viable plans and strategies for this ground-breaking organisation in the energy sector. However, his key responsibility area is not restricted to financial planning and budgeting; he is equally impressive in other core areas of business, such as business analytics, forecasting, business development, quality assurance, and team management.
Bhuvneshwar Pal Singh is the Promoter, Managing Director, and CFO of the company. A B.Com. Graduating from Chhatrapati Shahu Ji Maharaj University, Kanpur (2008), he joined the company in 2020 and has 4+ years of experience in finance. He oversees finance, accounts, and administration, ensuring business execution, resource efficiency, and quality standards. As a strategic and results-driven leader, he provides guidance to the Board of Directors to develop effective policies and drive business success.
One of Maxvolt Energy’s founding forces, Mukesh Gupta, Marketing Head, with a prestigious MBA degree in Marketing Management and more than a decade of demonstrated experience, is successfully pursuing the organisation’s ambitious goals of developing world-class lithium architecture that transcends industry norms in empowering electric bikes, scooters, and solar energy.
Maxvolt Energy Industries Ltd. was founded in response to the growing need for clean energy and the surge in electric vehicle adoption. Co-founders Vishal Gupta and his team were deeply passionate about renewable energy and aimed to revolutionise the battery industry with advanced lithium-ion packs.
Extensive research was conducted into the challenges faced by electric vehicles and energy storage systems, such as slow charging and limited battery life, leading them to identify lithium-ion batteries as the ideal solution.
They analysed market trends and emerging technologies to validate their concept, setting clear goals and features with a focus on fast-charging, lightweight, and durable batteries. Prototypes were developed and tested a lot. The team also engaged with industry experts, investors, and early users to discuss their concept. The innovative approach and strong commitment to sustainability received positive feedback, encouraging them to move forward with their plans.
Maxvolt Energy – Mission and Vision
The company’s mission is to provide the best quality products and best solutions for its markets that are globally compliant, technologically advanced, and intelligent for the demanding present and future in a way that creates value for its customers, vendors, employees, and shareholders.
Maxvolt Energy’s vision serves as its foremost inspiration, i.e., to develop a world-class lithium-based battery manufacturing facility that transcends industry norms, empowering electric bikes, scooters, and solar energy.
Maxvolt Energy – Products/Services
Maxvolt Energy Products
Maxvolt Energy provides energy storage solutions to the electric vehicle industry, renewable energy sector, consumer electronics, and lighting solutions, with a special focus on recycling lithium-based batteries to reduce environmental impact and create a sustainable path for various industries in the future.
Innovation has driven technology advancements at Maxvolt. Its Active Balancer Technology improves battery capacity and fire resistance, along with enhanced operational heat management, active battery control, and battery endurance solutions designed to significantly increase battery life. Maxvolt’s lithium batteries also feature over-temperature alarms and a sleep switch for added safety when the battery is not in use.
These innovations are supported by onsite assistance across 19,000+ pin codes and a battery take-back programme, reflecting the company’s strong commitment to environmental responsibility. Through ongoing innovation, Maxvolt focuses on improving performance, promoting sustainability, and ensuring customer satisfaction.
Cross-functional collaboration within the company supports continuous process improvement, while advanced systems such as ERP software offer an integrated approach to operations, from inventory tracking to waste reduction.
Maxvolt Energy – Business Model
Maxvolt Energy Industries Limited is a rapidly growing Indian company specialising in lithium-ion battery solutions, catering to electric vehicles (EVs), solar applications, and energy storage systems.
The company operates through a dual business model, serving both B2B and B2C markets. In the B2B space, Maxvolt supplies lithium battery packs to original equipment manufacturers (OEMs) such as Versatile E-Scooters, Mantra E Bikes, Odysse, Ormax, and Tunwal E-Vehicles.
On the B2C front, it has reached over 1.5 lakh customers with products like e-scooters, e-rickshaws, and e-cycle batteries. The company differentiates itself through customer-centric initiatives like a 3-year replacement warranty and a 100% buyback program for used batteries.
Maxvolt Energy – Challenges Faced
Maxvolt Energy’s initial journey came with several significant challenges. These included entering a nascent industry within the country, facing technological limitations, dealing with raw material scarcity due to complete import reliance on China, and a shortage of skilled labour. Despite these obstacles, the company successfully prototyped an e-cycle battery, followed by batteries for e-scooters, e-rickshaws, and inverters, with minor adjustments leading to fully functional prototypes.
At present, the key challenges involve sourcing raw materials, as lithium battery cells continue to be imported from China. There is also a need for better charging infrastructure and greater public awareness about the applications and benefits of electric vehicles.
Maxvolt Energy has successfully raised $1.5 millionin funding from multiple angel investors, including Hitesh M Patel, Vivek Kumar, Vikas Kumar, and more.
This significant capital infusion will support Maxvolt Energy’s ambitious plans to advance sustainable energy solutions and strengthen its market position by introducing fast-charging lithium-ion batteries soon.
With its commitment to innovation and quality, Maxvolt aims to develop world-class lithium battery architectures for various sectors, including electric bikes, scooters, and solar energy systems, while adhering to global compliance and technological advancements.
Maxvolt Energy – Financials
Maxvolt Energy Industries Limited has demonstrated remarkable financial performance, with FY 2023-24 revenue soaring to INR 48.37 crore, reflecting a 253% growth from the previous year’s INR 13.68 crore. The Profit After Tax (PAT) stood at INR 5.21 crore, with Earnings Per Share (EPS) jumping from INR 1.33 to INR 7.07.
Maxvolt Energy – Recognition and Achievements
Maxvolt Energy Industries Limited marked a significant milestone as it officially debuted on the National Stock Exchange (NSE) Emerge platform. The listing follows the successful closure of its Initial Public Offering (IPO) on February 14, 2025. It saw an overwhelming subscription of 3.3 times, reflecting strong investor confidence in the company’s growth potential and leadership in clean energy solutions.
Maxvolt Energy’s IPO, which opened from February 12 to 14, 2025, witnessed robust investor demand, with Qualified Institutional Buyers (QIBs) getting oversubscribed 6.76 times, while Non-Institutional Investors (NII/HNIs) and Retail Investors subscribed 1.81 times and 1.97 times, respectively. A total of over 6.59 million shares were applied for against the 1.99 million shares offered. The IPO was priced between INR 171 and INR 180 per share, with a bid lot of 800 shares.
Maxvolt Energy – Competitors
In terms of market competition, Maxvolt faces strong rivals in the Indian battery manufacturing space, including established names like Exide Industries, Amara Raja Batteries, Okaya Power Group, and Loom Solar—each offering a wide range of energy storage solutions for EVs and renewable sectors.
Maxvolt Energy – Future Plans
Maxvolt has charted out an ambitious expansion strategy. A key part of its future plans is the establishment of a dedicated lithium battery recycling plant. While recycling currently takes place at its Ghaziabad facility, the company is actively scouting for a site in Gujarat, with plans to finalise the location by the end of the next financial year.
Additionally, Maxvolt is preparing to launch a new line of fast-charging lithium-ion batteries, with prototypes aiming to cut down charging time to 1–2 hours. With a 106% year-on-year revenue growth and expanded production capacity at its Ghaziabad plant, Maxvolt is all set to play a significant role in India’s clean energy transition.
FAQs
What is Maxvolt Energy?
Maxvolt Energy Industries Limited is a rapidly growing Indian company specialising in lithium-ion battery solutions, catering to electric vehicles (EVs), solar applications, and energy storage systems.
Is Maxvolt Energy a listed company?
Maxvolt Energy Industries Limited marked a significant milestone as it officially debuted on the National Stock Exchange (NSE) Emerge platform. The listing followed its successful IPO closure on February 14, 2025.
When was Maxvolt Energy founded?
Maxvolt Energy Industries Limited was established in the year 2019.
In celebration of Engineer’s Day, StartupTalky explores the journey of Vishal Gupta, Co-Founder and CTO of MaxVolt Energy, as he transitions from engineering to entrepreneurship. Driven by a passion for eco-friendly innovations, Gupta entered the lithium battery industry, focusing on sustainable energy solutions. In this interview, he discusses MaxVolt Energy’s advanced technologies, including Active Balancers and recycling efforts, along with the strategies that helped secure their initial customers. Gupta also addresses the challenges faced early on and how MaxVolt Energy overcame them to become a key player in the evolving energy storage market.
StartupTalky: What motivated you to move from engineering to entrepreneurship, and what key steps did you take to start your company?
Mr. Gupta: The transition from being an engineer to becoming an entrepreneur was primarily driven by the urge to address particular concerns, making innovations that are eco-friendly and help sustain the environment. Engineering made me skilled in innovation, and more importantly, problem-solving, which steered me towards entrepreneurship. The necessary key steps include recognizing an issue, building a prototype or minimum viable product (MVP), formulating a business opportunity, performing some research, and devising a business strategy.
Finally, more focus was given to product development – starting with a minimum viable product, taking feedback, listening to the consumers, and building up the business. I have enjoyed utilising my technical abilities in managing a business and appreciate the complexity involved in the process.
StartupTalky: Why did you choose the lithium battery industry, and what trends or opportunities do you see shaping its future?
Mr. Gupta: The fact behind choosing this industry was my personal interest in Lithium Batteries and its manufacturing and recycling alongside the increasing market demand in the ecologically-friendly energy segment. Further, our expertise in this industry enables us to make new innovations in technical areas such as battery design and management.
While peeking into the future, one can notice trends such as the optimization of energy storage, advancements in recycling, and the constant developments in the EV sector. The opportunities I see in shaping the future to make our environment more eco-friendly will be helpful in controlling pollution caused by ICE vehicles. Additionally, by recycling lithium batteries, we can use them again and again by just charging.
StartupTalky: What does MaxVolt Energy do, and what real-world problem does your technology solve?
Mr. Gupta: Our core business is the production and recycling of lithium batteries. We employ technologies that solve real-world problems in the energy storage domain through Heat Management, Active Battery Control, Battery Longevity, and Battery Endurance. Our goal is to minimize waste and improve the sustainability of the lithium battery packs by considering how these can be reused or recycled.
StartupTalky: Tell us about the core technology behind MaxVolt Energy’s products or services and how it stands out from others in the market.
Mr. Gupta: The core technology behind our products and services includes Active Balancers which basically work to improve the battery capacity and its fire resistance. Our batteries are equipped with features like over-temperature alarms and a sleep switch, especially when the battery is not being charged. Our products stand out from others in the market when it comes to service. We have added propositions by offering onsite support to more than 19,000 pin codes and a take-back facility on old battery packs to our clients.
StartupTalky: How did you secure your initial customers, and what strategies worked best to gain their trust and business?
Mr. Gupta: The initial customers were obtained by creating product awareness among them and emphasizing the value of the technology. By using lithium batteries, they can save money, which they are going to spend on fuel if they have petrol or diesel vehicles. The strategies worked for us, like the use of success stories and customer references, providing exceptional support, building a strong online presence, and building healthy relationships. These are the major strategies for generating early leads.
StartupTalky: What were the main challenges you faced early on, and how did you overcome them?
Mr. Gupta: The main challenges faced in the early stages were limited availability of raw materials, high costs, and hefty investments in technological advancements. However, the government’s focus on renewable energy presents significant opportunities like tax credits and tenders for energy storage projects. MaxVolt Energy Industries positions itself as a key player by leveraging these opportunities, particularly through strategic partnerships and innovations that address the cost and supply chain challenges, ensuring we remain at the forefront of this evolving industry.
StartupTalky: What tools or software are key to your business operations, and how do they help improve efficiency?
Mr. Gupta: Our production involves using a system called ERP, which assists in managing stocks, regulating waste in raw materials, and preparing reports. It has the ability to track inventory quantities of various warehouses and never let a particular material be below a specific level provided by this system. The application of the ERP solution has enhanced our day to day operations as it reduces time and cuts the cost involved.
