Chargeup, a finance-network platform for the electric vehicle sector, raised $7 million in a Pre-Series A1 round, led by Capital-A, as well as Anicut Capital. Ekta Kapoor, Sachin Mehra, and Sunil Kalra are among the key investors. Jiraaf was also part of the round, lending to Chargeup.
Chargeup has received funding that will allow it to expand its services in 20 cities and provide power for 50,000+ drivers. Chargeup will also increase its FineTech Platform, and tech stack in order to guarantee 100% uptime. According to the company, this will allow drivers to purchase an electric vehicle for 40% less and earn 80% more.
Varun Goenka, CEO, and co-founder of Chargeup, said, “At Chargeup, we are committed to leading the transition into a sustainable and accessible future of mobility for India. We have now entered into partnerships with large-scale OEMs and e-com companies to solve the cost of delivery by switching to EVs.”
Ankit Kedia, Founder, of Capital A and an investor said, “At Capital A, we have set up a $10 million cleantech fund ‘Evolve’ to support the evolution of the EV ecosystem through investments in areas of battery technology, battery swapping, power trains, battery management systems, charging infrastructure, and other related adjacency. We are thrilled to be a part of Chargeup’s vision of ensuring cleaner mobility in India.”
Ashvin Chadha, Managing Partner, Anicut Capital stated, “There is a dire need for India’s EV industry to create a sustainable ecosystem. We believe it is absolutely crucial to invest in brands like Chargeup that are focused on being the change leaders in the sustainable mobility arena in India.”
According to government estimates, India’s EV market will grow rapidly from 2 million to 80 million units by the year 2030. Chargeup claims it has helped over 2000 drivers cover over 10 million km in an emission-free commute since its inception.
Chargeup currently has 200+ Swap Stations in Delhi-NCR. It clocks 1 lakh Swaps per Month and aims at powering 1 million drivers by 2027.