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Chargeup, which is a leading battery swapping network for e-rickshaws, announced raising an undisclosed amount in its ongoing Pre-Series A funding. It was led by MapmyIndia with participation from a group of HNIs. The funds will be used as investment in marketing for customer acquisition and building the tech stack.
Chargeup delivers a 2-minute battery swap within a radius of 2 km to ensure twice the revenue for drivers and dealer partners. The company has grown to 18 stations catering to up to 500 drivers daily, clocking 9,000 swaps per month and has covered 3.5 million km on its platform since inception. The company is rapidly expanding its BSS network and aiming to benefit the lives of millions of e-rickshaw drivers in India, while also expanding coverage to 2 wheelers and other LCVs.
The company uses an advanced technology driven approach to offer Battery as a Service (BaaS) solutions to e-rickshaw drivers. Battery swapping eliminates range anxiety and the need for buying or managing batteries as the swapping service provider takes care of such needs.