, a Delhi-based startup building an EV FiNeTech (financial network technology) platform, raised $7 million in a Pre-Series A1 round on Thursday. was led by Capital-A Y Anicut Capitalalong with other prominent investors including Ekta Kapoor, Sunil Kalra and Sachin Mehra. a high-yield alternative investment opportunity platform, also participated in the round by extending debt to Chargeup.
The EV startup plans to use the funds to expand its services to 20 new cities and power more than 50,000 drivers. The company will also strengthen its FiNeTech platform and technology stack to ensure 100% uptime and a seamless customer experience. It will also allow drivers to own an EV.
Speaking of his new development, varun goenka, CE and co-founder of Chargeup, said: “Our country is on the cusp of an EV revolution and Chargeup is working to push the government’s mission in this direction. Having made a significant difference in the lives of last-mile mobility drivers, we have now partnered with large-scale Original Equipment Manufacturers (OEMs) and e-commerce companies to solve the cost of delivery when switching to electric vehicles. ”.
Sharing your thoughts, Ankit Kediafounder of Capital-A, said: “Electric mobility is the panacea for sustainable transport needs, there is an urgent need for continued investment in the sector and to support brands like Chargeup in their incredible work.”
“There is a great need for the Indian electric vehicle industry to create a sustainable ecosystem. For this, it is necessary to strengthen several services; one such service is battery change. 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 field of sustainable mobility in India,” he added. Ashwin ChadhaManaging Partner, Anicut Capital.
Chargeup currently operates over 200 interchange stations in Delhi-NCR, recording one lakh exchanges per month. Their goal is to power one million drivers by 2027 with EV adoption.