Chargeup, a prominent platform for battery financing and comprehensive EV asset management, aims to enroll 100,000 drivers within the next three years and expand its services to cover one million drivers across 30 cities within five years.
Presently operational in 13 cities, Chargeup intends to strengthen its network by incorporating 1,500 new partner stations across existing cities, with particular emphasis on Delhi and Jaipur. Additionally, it plans to extend its services to four more Tier-II and Tier-III cities, consolidating its presence in regions like Haryana and Uttar Pradesh. This expansion strategy aims to enhance drivers’ access to EV infrastructure, fostering broader adoption of EVs at the grassroots level.
Varun Goenka, CEO and co-founder of Chargeup, emphasized the platform’s commitment to revolutionizing the EV landscape and empowering drivers. He highlighted Chargeup’s focus on providing increased credit access, faster service turnaround times, and superior uptime, all aimed at maximizing drivers’ earning potential and improving their experience within the EV ecosystem.
Despite EVs being hailed as harbingers of change, certain obstacles hinder their widespread adoption. High-interest rates averaging at 34% present affordability challenges for potential buyers, while uncertainties surrounding EV resale values, financial institution underwriting, and battery risks impede market acceptance. Chargeup stands out by offering an asset-lite model and leveraging advanced AI/ML-enabled data centers to address these challenges effectively.
Chargeup’s Battery as a Service (BaaS) model simplifies battery management complexities, shifting from Capital Expenditure (Capex) to Operational Expenditure (Opex) and streamlining operations for drivers.
