Chargeup secures Rs 22 Cr in round led by IAN Group

Chargeup, an EV tech platform for last-mile drivers, has raised Rs 22 crore ($2.4 million) in a funding round led by IAN Group.

The round also saw participation from Cap-A and existing investors.

The startup will use the funds to enter high-demand markets and improve its technology platform that links drivers, lenders, and operational services.

Read also- Optimist raises $12 Mn seed funding led by Accel and Arkam Ventures

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."

Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup helps India’s last-mile EV drivers who often earn less than ₹800 per day due to high financing costs, battery replacements and vehicle downtime. Many three-wheeler EV drivers lose almost half their daily income to EMIs, breakdowns, and battery maintenance.

The platform uses IoT and digital tools to provide loan security for lenders and income security for drivers. It connects drivers, OEMs, dealers and NBFCs on a single platform.

Chargeup has already onboarded over 10,000 EV drivers and aims to add 20,000 more by FY27. It operates in a $12 billion market, fueled by growing adoption of electric three-wheelers for logistics and passenger transport.

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