Chargeup raises USD 7 million in Pre-Series A1 funding to expand services, ramp up FineTech platform, Auto News, ET Auto
New Delhi: Chargeup, a company building India’s first FineTech platforms (Finance-Network-Technology Platform) in the EV sector, has raised USD 7 million in a Pre-Series A1 round. It was led by Capital-A and Anicut Capital along with other marquee investors including Ekta Kapoor, Sunil Kalra, and Sachin Mehra. Jiraaf, a platform for high-yield alternative investment opportunities also participated in the round by extending debt to Chargeup, the company said.
Chargeup’s recent funding will be infused into expanding the services to 20 new cities and power 50,000-plus drivers. The company will also strengthen its FineTech Platform, and tech stack to ensure 100% uptime and a seamless experience for its customers. This will also enable the drivers to own an EV by spending 40% less and earning 80% more, the company said in a media release.
The EV market in India is expected to grow from 2 million to 80 million vehicles by 2030 as per government estimates. As a pioneering brand in this rapidly growing sector, Chargeup has enabled over 2000 drivers to cover more than 10 million km of emission-free commute by spending merely INR 1 per km since it was established. The company recently saw an incredible response from 1000 drivers visiting the first-ever EV Mela organized by them in Delhi.
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. After having made a significant difference in the lives of last-mile mobility drivers, we have 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, said, “At Capital A, we have set up a USD 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 adjacencies. We are thrilled to be a part of Chargeup’s vision of ensuring cleaner mobility in India.”
Ashvin Chadha, Managing Partner, Anicut Capital, said, “There is a dire need for India’s EV industry to create a sustainable ecosystem. In order to do so, various services need strengthening; one such service is battery swapping. This is where 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.”
Chargeup currently operates 200-plus swap stations in Delhi/NCR, clocking 1 lakh swaps a month. Chargeup is on a mission to power 1 million drivers by 2027 and help drive mass EV adoption, the release added.