Startups

Battery Swapping Startup Chargeup Raises $7 Million In Funding


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.

Chargeup Founders

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.

Follow us and connect with us on Instagram, FacebookTwitter, and LinkedIn.

Note: If you are a budding entrepreneur and require assistance in new company registration or other startup related legal servicescontact us.





Source link

Related posts

Aditya Birla Group’s House Of Brands ‘TMRW’ Backs 8 D2C Startups

Jason Dudley

New CEO of FTX blasts its handling of financial information

Jason Dudley

Agritech startup DeHaat raises $60M in a Series E round led by Sofina, Temasek

Jason Dudley

Logistics and procurement on autopilot

Jason Dudley

Web3 Data Analytics Platform MakerDojo.io Raises Fresh Funding

Jason Dudley

Spiral, a Seattle startup that analyzes customer feedback, raises $1.25M

Jason Dudley

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More