Fintech firm Chargeup has raised USD 7 million (about Rs 57 crore) in a funding round led by Capital-A and Anicut Capital, the company said on Thursday.
Angel investors, including Ekta Kapoor, Sunil Kalra and Sachin Mehra, participated in the funding round. The company also received debt funding from the investment platform Jiraaf. “Chargeup’s recent funding will be infused into expanding the services to 20 new cities and power over 50,000 drivers. The company will also strengthen its FineTech Platform, and tech stack to ensure 100 per cent uptime and a seamless experience for its customers. This will also enable the drivers to own an EV by spending 40 per cent less,” the company said in a statement.
Chargeup helps drivers by reducing their cost of ownership by providing attractive financing and Battery-as-a-Service offerings. The EV market in India is expected to grow aggressively 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 2,000 drivers to cover more than 10 million kilometres of emission-free commute by spending merely Re 1 per km since it was established,” the company said.
Chargeup currently operates over 200 swap stations in Delhi NCR and clocks 1 lakh swaps per month. “At Chargeup, we are committed to leading the transition into a sustainable and accessible future of mobility for India. Our country is at the cusp of an EV revolution and Chargeup is working towards powering the government’s mission in this direction.
“After having made a significant difference to the lives of last-mile mobility drivers, we have now entered into partnerships with large-scale OEMs and Ecom companies to solve the cost of delivery by switching to EVs,” Chargeup CEO and co-founder Varun Goenka said.
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