FinTech platform company Chargeup, has raised $7 million (~Rs 56 crore) in a Pre-Series A1 round. It was led by Capital-A and Anicut Capital along with other 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 to expand 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 percent uptime for its customers. This will also enable the drivers to own an EV by spending 40 percent less and earning 80 percent more.
The EV market in India is expected to grow aggressively from 2 million to 80 million vehicles by 2030 as per government estimates. Chargeup has enabled over 2,000 drivers to cover more than 10 million km of emission-free commute by spending merely Rs 1 per km since it was established.
Speaking about this, 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. 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 currently operates over 200 swap stations in Delhi/NCR, clocking 1 lakh swaps per month. Chargeup is on a mission to power 1 million drivers by 2027 and help drive mass EV adoption. The company aims to make the cost of ownership lower and increase their earnings.