Chargeup, an EV platform focusing on drivers and providing Energy-as-a-Service (EaaS), has established collaborations with Credit Fair and Ascend Capital, major non-banking financial corporations (NBFCs). The collaboration aims to provide drivers in underserved tier 2 and 3 cities with easy access to credit, targeting the facilitation of INR 100 crore in quick and secured loans during the financial year 2024-25.
The projected value of the Indian electric three-wheeler (E3W) market is expected to reach USD 10.26 billion by 2030. Chargeup’s goal is to offer subsidy-independent, driver-customized loans, fostering a conducive ecosystem for E3W drivers. This strategic partnership seeks to shape the future of the Indian EV industry, ensuring a lower total cost of ownership (TCO) even without subsidies, addressing market uncertainties, and benefiting both drivers and the broader ecosystem.
Varun Goenka, CEO and Co-Founder of Chargeup highlighted the company’s driver-first platform and the transformative Energy-as-a-Service concept, revolutionizing EV financing. The partnerships with Credit Fair and Ascend Capital aim to create impactful, digitally-enabled financial solutions, decoupling the ownership of the vehicle and battery. This approach enhances Chargeup’s ability to innovate and collaborate in the EV sector, positioning itself as a key enabler of the EV revolution in India.
Vikas Agarwal, Co-Founder & CBO of Credit Fair, emphasized the alignment of vision and mission with Chargeup’s driver-centric approach, aiming to offer subsidy-independent, cost-effective credit to facilitate the transition to EVs. By combining efforts, the partnership seeks to contribute to the creation of a sustainable and inclusive EV ecosystem.
Lokesh Chandra, CEO and Co-founder of Ascend Capital highlighted the commitment to bridging the gap between energy and vehicle financing. The partnership intends to reduce upfront EV and operating costs while providing quick and secure loans, particularly in underserved Tier-II and III cities across India.
Chargeup’s predictive battery technology ensures longer battery life, higher kilometers, and a better buyback experience for EV users. Positioned as the largest data curator in the EV industry through data-driven insights, Chargeup is actively revolutionizing the Indian EV landscape through B2B partnerships and a B2C approach.
