VC Fund Investments
EV battery swapping network Chargeup raises $2.5-M from Capital-A, Anicut Capital, others
New Delhi-based Chargeup, a battery swapping network for electric two- and three-wheelers, has raised USD 2.5 million in its pre-Series A round led by Capital-A and co-led by Anicut Capital. Tiger Shroff, Aman Gupta and Sameer Mehta (founders of boAt), and Shraddha Kapoor also participated in the round. The funding will be used for expansion of Chargeup's network to new cities and building larger capacities to meet the growing demand. Chargeup offers battery as a service (BaaS) with lightweight Lithium batteries that can be swapped at multi swap points. This enables unlimited swaps and kms and helps the end user to convert 50% of the vehicle cost from capex to opex.
From the Venture Intelligence Angel Investments Database: In Jun-21, Chargeup raised funding from MapmyIndia, with participation from a group of HNIs.
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