Chargeup Secures Funding for EV Expansion

Chargeup, an EV-focused mobility startup, has successfully raised Rs 22 crore, equivalent to $2.4 million, in a funding round supported by IAN Group, alongside Cap-A and existing investors. This new funding round has occurred after a four-year interval. This marks the third round of funding for the Delhi-based startup, which previously raised $7 million in November 2022 during a pre-Series A1 round led by Capital-A and Anicut Capital. In the same year, the firm raised an additional $2.3 million in its pre-Series A round, also led by Capital-A and co-led by Anicut Capital.

The funds from this latest round will be directed towards expanding into high-demand electric vehicle (EV) markets, enhancing its technology platform for both drivers and lenders, and scaling operations within regions that are seeing a surge in electric three-wheeler adoption.

About Chargeup

Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup is developing a driver-centric EV technology platform specifically aimed at last-mile drivers. This platform confronts issues such as steep financing costs, battery-related downtimes, and income loss, which greatly affect the earnings of drivers operating electric three-wheelers.

Innovative Solutions for Drivers

Chargeup incorporates IoT and data-driven tools to mitigate lending risks for Non-Banking Financial Companies (NBFCs), whilst also enhancing earning stability, vehicle utilisation, and resale value for drivers. The platform effectively connects drivers, Original Equipment Manufacturers (OEMs), dealers, and lenders into a cohesive system.

Growth Plans

The startup has successfully onboarded over 10,000 EV drivers and aims to increase this number by an additional 20,000 drivers by the end of the fiscal year 2027. Chargeup operates in a market valued at $12 billion, propelled by the growing adoption of electric three-wheelers across logistics and passenger mobility sectors.