Chargeup teams up with Mega Corp, Shivakari Finance to unlock Rs 50 Cr in EV financing
The company aims to disburse the credit line to support the deployment of 4,000 commercial EVs over their next 12 months in the country.
Chargeup, a platform enabling EV financing and asset management solution for last mile drivers, on Wednesday said it has partnered with Mega Corporation Ltd and Shivakari Finance to disburse Rs 50 crore credit line to accelerate commercial electric vehicle adoption.
The New Delhi-based company is aiming to support the deployment of 4,000 commercial EVs in the next 12 months.
Chargeup, which has already equipped 8,000 drivers with EVs using its platform, has facilitated over Rs 8.64 crore in EV disbursements through prior partnerships with non-banking financial companies (NBFCs) like Ascend.
The offering aims to support gig workers that do not have credit scores, making it difficult for them to attain financing to purchase an electric vehicle. Additionally, the company is also enabling financing within four hours as opposed to industry practice of taking between three to four days, according to CEO and co-founder Varun Goenka.
Gig workers can now walk into a dealership to purchase a vehicle and the dealer can directly upload their KYC on the Charegup app and within some time, get the financing approval. The same day, the vehicle can also be delivered to the driver, Goenka added.
“Chargeup’s ultimate mission is to enable higher earnings for the driver. And for that, we are making it accessible, easy, faster, and cheaper to transition to EVs. So going ahead, we are looking to enable more NBFCs and banks to enter this category and start financing them through Chargeup’s platform,” Goenka told YourStory.
Vehicles onboarded onto Chargeup’s platform are equipped with IoT devices attached to its batteries that allows the company to track the health of the asset and pre-empt any repair the vehicle might need. This lets the driver complete deliveries and work without any interruptions.
Edited by Megha Reddy