Chargeup, a FineTech (Finance-Network-Technology) platform in the EV sector, has raised $7 million in a Pre-Series A1 round, the company said in a statement.
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.
Ankit Kedia, Founder, of Capital A, said, “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. 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, power trains, 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.”
Commenting on the occasion, Ashvin Chadha, Managing Partner, Anicut Capital said, “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 being 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.”
The battery-swapping platform working for the growth of last-mile mobility drivers said that the recent funding will be infused into expanding the services to 20 new cities and power 50,000+ drivers. Besides, the company will also strengthen its FineTech Platform, and tech stack to ensure 100% uptime and a seamless experience for its customers. This will also enable the drivers to own an EV by spending 40% less and earning 80% more.
Varun Goenka, CEO, and Co-Founder, 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.”
The company recently saw an incredible response from 1000 drivers visiting the EV Mela organized by them in Delhi.