Chargeup Partners with Mega Corp, Shivakari To EV Financing

Chargeup, a New Delhi-based startup that helps last-mile drivers get EV loans and manage their vehicles, has joined hands with Mega Corporation Ltd and Shivakari Finance to roll out ₹50 crore in credit line.

The aim is to help put 4,000 commercial electric vehicles on the road over the next year.

Chargeup has already helped 8,000 drivers get EVs through its platform and has enabled over ₹8.64 crore in EV loans with partners like NBFC Ascend.

Read also- PayPal Gets RBI Approval To Enable Outbound Cross-Border Payments

Their goal is to support gig workers who usually don’t have credit scores and struggle to get loans for electric vehicles.

According to CEO and co-founder Varun Goenka, Chargeup also speeds up the loan process — offering financing in just 4 hours, compared to the usual 3–4 days in the industry.

“Chargeup’s ultimate mission is to enable higher earnings for the driver. And for that, we are making it accessible, easy, faster, and cheaper to transition to EVs. So going ahead, we are looking to enable more NBFCs and banks to enter this category and start financing them through Chargeup’s platform,” Goenka said.

Gig workers can now visit a dealership, where the dealer uploads their KYC directly on the Chargeup app. Financing can be approved quickly, and the vehicle can be delivered the same day, said Goenka.

Each vehicle on Chargeup’s platform has an IoT device on its battery. This helps track the battery’s health and spot issues early, so drivers can keep working without disruptions.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.