Chargeup, a FineTech platform (Finance-Network-Technology Platform) in the EV sector, has raised $7 million in a Pre-Series A1 round.
The round was led by Capital-A and Anicut Capital along with other investors — Ekta Kapoor, Sunil Kalra, and Sachin Mehra. Jiraaf, a platform for alternative investment opportunities, also participated in the round by extending debt to Chargeup.
The recent funding will be infused into expanding the services to 20 new cities and power over 50,000 drivers. Chargeup will also strengthen its FineTech Platform, and tech stack to ensure 100 per cent uptime and a seamless experience for customers. This will also enable the drivers to own an EV by spending 40 per cent less and earning 80 per cent more, said the company.
Varun Goenka, CEO and Co-Founder, Chargeup, said, “At Chargeup, we are committed to leading the transition into a sustainable and accessible future of mobility for India. 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 in 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 lives of its drivers simple and productive by lowering cost of ownership and increasing their earning.
Ankit Kedia, Founder, 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. We are thrilled to be a part of Chargeup’s vision of ensuring cleaner mobility in India.”