Chargeup raises $7 million in Pre-Series A1 led by Capital-A and Anicut Capital 

Chargeup has 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.

About ChargeUp – Chargeup currently operates 200+ swap stations in Delhi/NCR, clocking 1 lakh swaps per month. It helps drivers by providing attractive Financing and Battery-as-a-Service offerings. With its network of Battery Swapping Stations and access to multi-swap points, Chargeup eliminates the issues of range anxiety and provides users with the convenience of taking longer trips and earning more. Chargeup has enabled over 2000 drivers to cover more than 10 million km of emission-free commute by spending merely Re.1 per km since it was established.

Latest funding – Chargeup’s funding will be infused into expanding the services to 20 new cities and power 50,000+ drivers. The company will also strengthen its FineTech (Finance-Network-Technology) Platform and tech stack to ensure 100% uptime and a seamless experience for its customers. This will also enable the drivers to own an EV by spending 40% less and earning 80% more – added a company statement.

Speaking about this, Varun Goenka, CEO, and Co-Founder, of Chargeup, said, “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 Ecom companies to solve the cost of delivery by switching to EVs.”

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.”

Commenting on the occasion, Ashvin Chadha, Managing Partner, Anicut Capital, said, “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 being 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.”

Also Read: Battery as a Service will be a game changer for EVs in India | Varun Goenka

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