Chargeup has entered into key partnerships with Mega Corporation Limited and Shivakari Finance to enable INR 50 crore in EV financing. The initiative seeks to support the deployment of 4,000 commercial EVs over the next year and tackle reliable financing for last-mile drivers.
Chargeup’s response to the financing problem is a platform that merges financing with real-time asset tracking and predictive analytics. The company has developed a model based on behavioural data from drivers and EV batteries to help lenders better understand usage patterns and manage risk more effectively. This has already allowed the platform to empower over 8,000 drivers with EV ownership, improving both vehicle utilisation and income potential.
The partnership with Mega Corporation, which until now had no prior experience in EV financing, has provided a route for the NBFC to enter the space with lower risk. Chargeup’s model, built on digital tools and asset visibility, gave Mega Corporation an immediate entry point into the EV lending sector. Similarly, Shivakari Finance, which earlier focused on conventional e-rickshaws, has begun financing more advanced i-rickshaws with improved security and operational oversight through Chargeup’s platform.
Through digital underwriting, real-time tracking, and performance-based risk assessment, Chargeup reduces the chances of loan defaults and opens up the segment for greater financial participation. The move is expected to support not just the deployment of vehicles but also greater acceptance of EVs among India’s working-class urban transport drivers, who remain underserved by conventional finance models.
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