Chargeup, a Delhi NCR-based battery-as-a-service platform for 3 & 2-wheelers, has raised $7 million in a mix of debt and equity in its Pre-Series A1 round led by Capital-A and Anicut Capital.
Other marquee investors, including TV show producer Ekta Kapoor, Mastercard’s Sachin Mehra, angel investor Sunil Kalra, and debt investor Jiraaf also participated in the funding round.
As per the startup, the raised funds will help it set up its services to 20 new cities and power 50K+ drivers. It will also help the startup strengthen its FineTech Platform and tech stack to ensure 100% uptime and seamless experience for its customers.
Chargeup | Battery As A Service Platform
Founded by Varun Goenka and Ankur Madan in 2019, Chargeup offers battery-as-a-service, solving the high-cost problem and inconvenience of long charging hours through its distributed network of battery swapping hubs.
Offering interoperable batteries, the startup currently operates 200+ swap stations in the Delhi-NCR region, clocking 1 Lakh+ battery swaps per month from 2K+ drivers.
Speaking about the development, Varun Goenka, Co-Founder and CEO 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.”
With its predictive model based on real-time data collected from battery usage, Chargeup provides journey analytics to EV drivers to ensure smooth operations.
It operates on a subscription model where drivers pay for the number of swaps per week/month, and the battery cost is paid directly to dealers (who pay the franchise cost to Chargeup).
Chargeup aims to strengthen its platform and tech stack, with plans to reach 1 Mn+ EV drivers by 2027. The Delhi NCR-based startup has already entered into partnerships with large-scale OEMs and ecommerce companies to solve their cost of deliveries problem by switching to EVs.
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