EV startup Chargeup raises $7M from Capital A, Anicut Capital, others

Chargeup, a Delhi-based startup building a FiNeTech (finance-network-technology) EV platform, on Thursday 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 EV startup plans to use the funding to expand its services to 20 new cities and power 50,000+ drivers. The company will also strengthen its FiNeTech platform and tech stack to ensure 100% uptime and a seamless experience for customers. It will also enable drivers to own an EV.

Speaking about its new development, Varun Goenka, CE, and Co-founder of Chargeup, said, “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 ecommerce companies to solve the cost of delivery by switching to EVs.”

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

“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 is 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,” added Ashvin Chadha, Managing Partner, Anicut Capital.

Chargeup currently operates 200+ swap stations in Delhi-NCR, clocking one lakh swaps per month. It aims to power one million drivers by 2027 with EV adoption.