EV Startup Chargeup Raises $7 Million in Pre-Series A1 Round

Chargeup, a battery-swapping firm based in Delhi and an Indian FinTech (Finance-Network-Technology Platform) platform, has secured $7 million in a Pre-Series A1 investment. Along with other notable investors like Ekta Kapoor, Sunil Kalra, and Sachin Mehra, it was co-led by Capital-A and Anicut Capital. By lending loans to Chargeup, Jiraaf, a platform for high-yield alternative investment options, also took part in the deal.

The fresh funding for Chargeup will be used to expand the company’s services to 20 additional cities and power more than 50,000 drivers. To guarantee a flawless experience for its consumers and a 100% uptime, the business will further strengthen its FinTech Platform and tech stack. The drivers will be able to purchase an EV as a result of spending 40% less money and making 80% more money.

According to government projections, the EV market in India is anticipated to develop rapidly from 2 million to 80 million vehicles by 2030. Since it was founded, Chargeup, a leading brand in this quickly expanding industry, has helped more than 2000 drivers go more than 10 million kilometers (km) without emitting any emissions. 1000 drivers recently attended the firm’s first-ever EV Mela in Delhi, which received an amazing response from the company.

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Sharing his thoughts, Ankit Kedia, Founder, of Capital A, 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, 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.”

In Delhi/NCR, Chargeup presently runs 200+ swap stations, handling 1 lakh swaps per month. By 2027, Chargeup hopes to power 1 million drivers and encourage widespread EV adoption. By reducing the cost of ownership and raising its profits, the company wants to make the lives of its drivers easy and productive.

Recently, Chargeup held its first-ever EV Mela in Uttam Nagar, West Delhi. NBFCs, EV OEMs, e-commerce and food commerce businesses like Hero Electric, Lohia Auto, Shema Electric, GEM, PaisaLo, Zomato, Blinkit, Vahan, Rapido, and Uber were among the stakeholders that gathered at the special event.

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Additionally, Chargeup announced its collaboration with two firms Paisalo Digital Ltd and Goenka Electric Motors (GEM). All three companies claimed that (E-Rickshaw at Rs 90,000 only) more than 10,000 e-rickshaw drivers stand to gain from the first-of-its-kind agreement, which will provide them with rate reduction, financing, and battery switching help.