Chargeup raises $7M, to introduce service in 20 new cities

Chargeup, a startup based in Delhi that is developing an EV platform using FiNeTech (finance-network-technology), raised $7 million in a Pre-Series A1 investment on Thursday. 

The EV startup will deploy the fresh capital to expand its services to 20 new cities and supply electricity to more than 50,000 drivers. In order to guarantee a seamless customer experience and 100% uptime, the business will also strengthen its FiNeTech platform and tech stack. Drivers will be able to purchase an EV thanks to it.

Chargeup CE and Co-Founder Varun Goenka, said, “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 ecommerce companies to solve the cost of delivery by switching to EVs.”

Chargeup to deliver its services to 50000 drivers

Ankit Kedia, Founder of Capital-A, stated, “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.”

“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 is 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,” added Ashvin Chadha, Managing Partner, Anicut Capital.

Chargeup currently operates 200+ swap stations in Delhi-NCR, clocking one lakh swaps per month. It aims to power one million drivers by 2027 with EV adoption.

Along with other well-known investors like Ekta Kapoor, Sunil Kalra, and Sachin Mehra, it was co-led by Capital-A and Anicut Capital. By lending loans to Chargeup, Jiraaf, a platform for high-yield alternative investment options, also took part in the deal.

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