Chargeup,a driver-first EV platform providing Energy-as-a-Service (EaaS) solution, has entered into strategic partnerships with non-banking financial corporations (NBFCs) – Credit Fair and Ascend Capital.
Through these partnerships, Chargeup aims to bridge the gap between energy and vehicle financing for drivers, enabling them to get easy access to credit in underserved tier 2 and 3 cities. The company aims to facilitate Rs 100 crore as quick and secured loans in FY2025.
The company states that the Indian E3W market is poised to reach $10.26 billion (Rs 85,476 crore) by 2030, which means that the market will need access to subsidy-independent, driver-customised loans and a conducive ecosystem.
Varun Goenka, CEO & Co-Founder, Chargeup said, “At Chargeup, we have built a strategic driver-first platform that is redefining the arena of energising EVs. We have introduced the concept of Energy-as-a-Service which has transformed the EV financing approach. The partnerships with Credit Fair and Ascend Capital will enable us to create highly impactful, and driver-centric financial solutions enabled digitally from financing to lifecycle management of the asset. This community of last-mile drivers are not intentional defaulters but situational, hence by decoupling the ownership of vehicle and battery and creating a transparent digital communication, we will not only bolster Chargeup’s ability to revolutionise the EV sector through innovation and collaborations but also help us consolidate our position as an enabler of the EV revolution in India.”
Vikas Agarwal, Co-Founder & CBO, Credit Fair said, “Our objective is to offer subsidy-independent, cost-effective credit, easing the transition to EVs for drivers. Chargeup’s unique Energy-as-a-Service approach is poised to reduce upfront EV acquisition costs significantly. By joining forces, we are well-positioned to enhance our contribution to the creation of a sustainable and inclusive EV ecosystem.”
Lokesh Chandra, CEO & Co-Founder, Ascend Capital said, “Our partnership with Chargeup signifies a commitment to bridging the gap between energy and vehicle financing. They are dedicated to reducing the upfront EV and operating cost alongside increasing revenues for the drivers. This approach coupled with our ability to provide quick and secure loans will be a game changer in the EV financing segment. We have recently raised Rs 50 crore, which will give us a boost to strengthen our mission of empowering drivers in the underserved Tier-II and III cities across India, and unlocking new opportunities for widespread economic growth for all.”
Chargeup claims its predictive battery tech ensures longer battery life, higher kilometre, and a better buyback experience for EV users. With a focus on data-driven insights, it says it has positioned itself as the largest data curator in the EV industry, benefitting drivers, original equipment manufacturers (OEMs), and NBFCs alike.
