Chargeup, an EV-focused Battery as a Service platform, raises $7 mn in a Pre-Series A1 financing. Ekta Kapoor, Sunil Kalra, and Sachin Mehra were among the notable investors who helped lead it, along with Capital-A and Anicut Capital.
Jiraaf, an online marketplace for high-yield alternative investment possibilities, contributed to the round by lending Chargeup money, as per reported by Business World Disrupt.
The fresh funding for Chargeup will be used to expand the company’s services to 20 additional cities and power more than 50,000 drivers.
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Speaking about this, Varun Goenka, CEO and Co-Founder of Chargeup, said, “At Chargeup, we are committed to leading the transition into a sustainable and accessible future of mobility for India. Our country is at the cusp of an EV revolution and Chargeup is working towards powering the government’s mission in this direction. 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.”
Since it was founded, Chargeup has made it possible for more than 2000 drivers to complete an emission-free commute totaling more than 10 million kilometres while spending only Rs 1 per kilometer.
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Ankit Kedia, Founder, of Capital A, said, “Electric mobility is the panacea for the sustainable transportation needs, there is an urgent need for consistent investments in the sector and supporting brands like Chargeup in their incredible work. 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.”
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By utilising a decentralised network of battery swapping hubs, Charge-up is able to provide Battery as a Service, which addresses the issue of high costs as well as the inconvenient nature of prolonged charging times.