Chargeup, a finance-network technology platform in the EV sector, has raised $7 million (Rs 57.14 crore) in a Pre-Series A1 round led by Capital-A and Anicut Capital. Some key 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.
Chargeup’s recent funding will be used for expanding services to 20 new cities and power 50,000+ drivers. The company will also strengthen its FineTech Platform and tech stack to ensure 100 percent uptime. This will also enable the drivers to own an EV by spending 40 percent less and earning 80 percent more, as per the company.
The EV market in India is expected to grow aggressively from 2 million to 80 million vehicles by 2030 as per government estimates. Chargeup claims that it has enabled over 2000 drivers to cover more than 10 million km of emission-free commute by spending merely 1 rupee per km since it was established.
Speaking about the latest fundraising, 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. We have now entered into partnerships with large-scale OEMs and e-com companies to solve the cost of delivery by switching to EVs.”
Sharing his thoughts, Ankit Kedia, Founder, of Capital A and an investor said, “At Capital A, we have set up a $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 adjacency. We are thrilled to be a part of Chargeup’s vision of ensuring cleaner mobility in India.”
Ashvin Chadha, Managing Partner, Anicut Capital added, “There is a dire need for India’s EV industry to create a sustainable ecosystem. 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+ swap stations in Delhi/NCR, clocking 1 lakh swaps per month and aims to power 1 million drivers by 2027.
