Friday, May 20, 2022
HomeInsightFunding Alert Battery swapping startup Chargeup raises $2.5 mn funding

[Funding alert] Battery swapping startup Chargeup raises $2.5 mn funding

Battery swapping startup Chargeup

Battery swapping startup Chargeup has raised $2.5 million (Rs 18 crore) in pre-Series A round led by Capital-A and Anicut Capital. Tiger Shroff, Aman Gupta and Sameer Mehta (founders of boAt), and Shraddha Kapoor have also participated in the funding round.

The start-up said that funding will be used for the expansion of its network to new cities and building larger capacities to meet the growing demand.

“With this funding support, we aim to expand our network coverage and further enhance the capacities of our battery swapping stations to meet the growing demand. With a strong grip on the execution of this business, Chargeup has built a CapEx and OpEx light model thus making it fast and scalable. Our tech-enabled network is managed through an advanced IoT solution to ease the operations for dealers and ensure asset security and utilisation. We are rapidly expanding our network and aiming to benefit the lives of millions of e-rickshaw drivers in India, while also extending our solutions to growing delivery network of electric two- and three-wheelers” Varun Goenka, CEO and co-founder, Chargeup said.

Founded by Varun Goenka and Ankur Madan, Charge-up offers Battery as a Service, solving the high cost problem and inconvenience of long charging hours, through its distributed network of battery swapping hubs.

“Development of sustainable and technology-driven support for mobility services is the need of the hour. Through its network of battery swapping stations, Chargeup is rapidly building a favourable EV ecosystem for faster adoption of EVs by eliminating the range anxiety as well as the challenge of battery ownership costs. This is our first investment as a part of our recently launched exclusive $10 million (Rs 75 crore) cleantech fund ‘Evolve’.” Ankit Kedia, founder, Capital-A, said.

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