EV startup Chargeup raises Rs 22 crore to build India’s driver-first EV Tech platform

EV startup Chargeup has raised Rs 22 crore in a funding round from IAN Group, Cap-A, and existing investors.

The startup said it is building what it calls India’s driver-first EV Tech platform, enabling loan security for lenders, and earning security for drivers to run more and earn more — connecting all in one seamless platform.

It will use the funding for expansion into high-demand markets and further strengthen its technology platform for drivers, NBFCs, and scale operations across high demand EV focused markets.

Founded in 2019 by Varun Goenka (Co-founder & CEO) and Satish Mittal (Co- founder & CDO), Chargeup claims that it works with India’s last-mile drivers, many of whom earn under Rs 800 per day due to high financing costs, frequent battery replacements, and consequently vehicle downtime. EV 3W drivers lose almost half their daily income on EMIs, loss days due to breakdowns, and maintenance of batteries.

Varun Goenka, Co-founder & CEO, said, “Chargeup is building a high-growth, profitable company focused on empowering last-mile drivers with better earnings and financial security. The IAN Group’s investment will accelerate our journey toward our Mission Million milestone, enabling a million drivers to become financially independent.”

Chargeup said it has onboarded over 10,000 EV drivers and plans to add 20,000 more by FY27.