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Funding · Mobility & Logistics

Chargeup raises ₹22 crore growth round led by IAN Group

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Date
Company
Chargeup
What it does
EV technology platform for three-wheelers
Kind
Funding
Amount
₹22 crore ($2.4 million)
Stage
Series A1
Based in
Delhi
Founded
2019
Sector
Mobility & Logistics

What they do

Chargeup is a driver-first EV technology platform connecting electric three-wheeler drivers with OEMs and lenders

What happened

The company raised ₹22 crore in a growth round led by IAN Group with participation from Cap-A

Why it matters

This funding supports expansion into new markets and scaling operations to onboard 20,000 additional drivers by FY27

The details

  • Chargeup has raised ₹22 crore in a growth funding round.
  • The investment was led by IAN Group.
  • Cap-A (formerly Capital-A) participated in the round.
  • Existing investors also joined this latest funding round.
  • Chargeup has raised close to $10 million since inception.
  • A prior pre-Series A1 round occurred in November 2022.
  • The company plans to use funds for market expansion.
  • Operations will scale to support more drivers and NBFCs.

The bigger picture

  • Last-mile drivers face high financing costs and battery downtime.
  • Drivers lose almost half their income on EMIs and maintenance.
  • The market opportunity for this sector is estimated at $12 billion.
  • EV registrations in India rose to 22.7 lakh in 2025.
  • Government schemes like PM E-DRIVE are boosting adoption.

About the business

  • Chargeup operates a driver-first EV technology platform.
  • It focuses specifically on electric three-wheelers.
  • The platform offers battery-as-a-service (BaaS) solutions.
  • IoT integration tracks vehicle health and battery cycles in real-time.
  • It connects drivers, OEMs, dealers, and lenders in one system.
  • Over 10,000 EV drivers are currently onboarded.
  • There are 200+ swap stations in the Delhi-NCR region.
  • The company performs over 1 lakh battery swaps per month.
  • Mission Million aims to help a million drivers achieve financial independence.

What happens next

  • Expand into high-demand EV markets.
  • Strengthen technology platform for drivers and NBFCs.
  • Scale operations to add 20,000 drivers by FY27.

The deal

Type
growth round

Investors

  • IAN Group (lead)
  • Cap-A (co-lead) — Formerly known as Capital-A.

Founders

  • Varun Goenka, Co-founder & CEO
  • Satish Mittal, Co-founder & CDO

About Chargeup

Product
focused mobility startup
Customers
Last-mile electric commercial drivers, delivery workers, and electric three-wheeler fleet operators.
How it makes money
Generates revenue through per-swap battery service fees, subscriptions, and financial partnership margins.
What sets it apart
Combines high-density battery swapping stations with integrated loan security technology to lower EMIs and eliminate battery downtime.

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