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.
The recent funding will be infused into expanding the services to 20 new cities and power 50,000+ drivers. It will also strengthen FineTech Platform and tech stack to ensure 100% uptime and a seamless customer experience.
Varun Goenka, CEO and Co-Founder, Chargeup, noted this will enable the drivers to own an EV by spending 40% less and earning 80% more. The start-up currently operates 200+ swap stations in Delhi/NCR, clocking one lakh swaps per month.
It claims to have enabled over 2,000 drivers to cover more than ten million km of emission-free commute by spending merely one rupee per km since it was established.
Ankit Kedia, Founder, Capital A, on investing in the start-up, said, “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, powertrains, 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.”
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Chargeup Expands Its Battery Swapping Network In Delhi NCR Region