Chargeup raises $7 million in Pre-SeriesA1 from Capital A, Anicut Capital, and new marquee investors Ekta Kapoor, Sunil Kalra, and Sachin Mehra 

After simplifying and empowering the lives of 2000 drivers, Chargeup is now ready to power over 50k lives more

Chargeup, the company building India’s first FineTech platforms (Finance-Network-Technology Platform) in the EV sector, has raised $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.

Chargeup’s recent funding will be infused into expanding the services to 20 new cities and power 50,000+ 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 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 2000 drivers to cover more than 10 million km of emission-free commute by spending merely 1rs 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.

Speaking about this, Mr. 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.”

Sharing his thoughts, Ankit Kedia, Founder, of Capital A, said, “Electric mobility is the panacea for the sustainable transportation needs, there is an urgent need for consistent investments in the sector and supporting brands like Chargeup in their incredible work. 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 adjacencies. We are thrilled to be a part of Chargeup’s vision of ensuring cleaner mobility in India.”

Commenting on the occasion, 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 being 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+ 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 lives of its drivers simple and productive by lowering the cost of ownership and increasing their earnings.

About Chargeup

Varun Goenka and Ankur Madan, founders of Chargeup, are building a unique FI-NE-TECH Platform (Finance-Network-Technology Platform) to power the growth of last-mile mobility drivers and the adoption of EVs. Chargeup helps drivers by reducing their cost of ownership by providing attractive Financing and Battery-as-a-Service offerings. With its dense Network of Battery Swapping Stations and access to multi-swap points, Chargeup eliminates the issues of range anxiety and provides users the convenience of taking longer trips and earning more. Its Tech enables platform empowers a safe and reliable ride along with easy-to-use apps providing alerts and routing assistance.