Delhi-based electric mobility startup Chargeup has raised ₹22 crore in a fresh funding round led by the IAN Group, with participation from Cap-A and existing investors. The funding marks a key milestone for the company, coming nearly four years after its previous capital raise, and reflects growing investor confidence in India’s fast-evolving electric vehicle ecosystem.
Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup operates a technology-driven platform focused on empowering last-mile electric vehicle drivers, particularly those operating electric three-wheelers. The startup aims to solve everyday challenges faced by EV drivers by combining technology, financing support, and operational intelligence into a single ecosystem.
How Chargeup Plans to Use the Fresh Capital
The newly raised funds will be used to strengthen Chargeup’s presence in high-potential EV markets across India. A significant portion of the capital will go towards expanding operations, scaling driver onboarding, and enhancing the company’s proprietary technology platform.
Chargeup connects EV drivers with vehicle manufacturers, dealers, lenders, and service partners through its digital platform. By leveraging data and IoT-enabled tools, the company helps reduce financing risks for lenders while improving vehicle uptime and efficiency for drivers. This integrated approach not only supports smoother EV adoption but also helps drivers increase their earning potential.
Addressing Core Challenges in EV Adoption
Electric vehicle adoption in the last-mile segment faces multiple hurdles, including high upfront costs, limited access to financing, battery-related downtime, and uncertainty around resale value. Chargeup’s driver-first model is designed to address these gaps directly.
The platform enables better credit assessment for financiers, offers operational insights to reduce vehicle downtime, and creates a more predictable income environment for drivers. These factors play a crucial role in improving trust across the EV value chain and accelerating the shift from traditional fuel-based vehicles to electric alternatives.
Strong Growth and Ambitious Expansion Plans
Chargeup has already onboarded more than 10,000 EV drivers on its platform and aims to add nearly 20,000 more by FY27. The electric three-wheeler segment in India is witnessing rapid growth, driven by rising demand in passenger transport, e-commerce logistics, and urban mobility.
With the Indian EV three-wheeler market estimated to be worth around $12 billion, Chargeup is positioning itself as a key enabler in this space by offering solutions tailored to the realities of Indian drivers and operators.
Investor Confidence Signals Market Potential
The participation of the IAN Group, known for backing early-stage Indian startups, highlights the increasing maturity of EV-focused business models. Investors are now looking beyond vehicle manufacturing and infrastructure, focusing instead on platforms that solve operational and financial pain points across the ecosystem.
With this funding, Chargeup is set to accelerate product innovation, deepen partnerships, and expand its reach, while continuing to support the growing community of EV drivers powering India’s electric mobility transition.