New Delhi: EV tech startup ‘Chargeup’ has bagged funding of INR 22 crore in a funding round led by IAN Group. The fresh round of funding also saw participation from Cap-A and existing investors. The funding will support the company’s expansion into high-demand EV markets and help scale its technology platform focused on last-mile drivers and lending partners.
Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup is developing a driver-centric EV technology platform that brings together vehicle usage data, earnings insights, and financing support. The platform aims to help drivers earn more consistently while giving NBFCs greater confidence in lending to the EV segment.
Commenting on the investment, Varun Goenka, Co-founder & CEO, Chargeup, said, “Chargeup is building a high-growth, profitable company focused on empowering last-mile drivers with better earnings and financial security. The IAN Group’s investment will accelerate our journey toward our Mission Million milestone, enabling a million drivers to become financially independent.”
India’s electric three-wheeler drivers continue to struggle with rising ownership costs, battery-related expenses, and frequent vehicle downtime. Chargeup said many drivers earn less than ₹800 a day, with a significant share of income going toward EMIs, maintenance, and lost workdays. By improving visibility into vehicle performance and driver activity, the company aims to reduce these inefficiencies and improve overall earning stability.
Chargeup has already onboarded over 10,000 EV drivers and plans to add 20,000 more by FY27.
Operating in an Indian market estimated at $12 billion, the company sees a large opportunity to build the financial and operational backbone of India’s EV ecosystem through a single, data-driven platform.
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