Private Equity PE-VC Fund Investments
EV tech platform Chargeup raises Rs.22-Cr from IAN Group, others
Delhi-based EV-focused mobility startup Chargeup has raised INR 22 crore (USD 2.4 million) in a funding round from IAN Group, Capital A and existing investors.Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup provides a "Battery as a Service" (BaaS) model, focusing on battery swapping and financing for electric two and three-wheelers, particularly e-rickshaws.The new funds will be used to expand into high-demand EV markets, strengthen its technology platform for drivers and lenders, and scale operations across regions with increasing electric three-wheeler adoption.
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Between Sep 2021 and Nov 2022, Chargeup had attracted about USD 10 M from Anicut Capital, Capital A and others.For FY24, Chargeup had reported about INR 12 Cr in Operating Income and about INR 16 Cr in Net Loss.