IAN Group Backs Chargeup with INR 22 Cr Funding The fresh capital will support expansion into high-demand EV markets, strengthen the firm's technology platform for drivers and lenders, and scale operations in regions seeing higher electric three-wheeler adoption.
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EV-focused mobility startup Chargeup has raised INR 22 crore (around USD 2.4 million) in a funding round backed by IAN Group, along with Cap-A and existing investors.
This marks the Delhi-based company's third funding round and comes after a gap of nearly four years.
Earlier, in November 2022, Chargeup had secured USD 7 million in a pre-Series A1 round led by Capital-A with participation from Anicut Capital. In the same year, it raised USD 2.3 million in a pre-Series A round led by Capital-A and co-led by Anicut Capital.
The fresh capital will be used to expand the company's presence in high-demand electric vehicle (EV) markets, strengthen its technology platform for drivers and lenders, and scale operations across regions where electric three-wheeler adoption is rising.
Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup is building a driver-first EV technology platform focused on last-mile drivers. The company aims to address issues such as high financing costs, battery-related downtime, and income loss, which affect the earnings of EV three-wheeler drivers.
Chargeup uses IoT and data-driven tools to reduce lending risks for non-banking financial companies (NBFCs) while improving earning stability, vehicle utilisation, and resale value for drivers. Its platform connects drivers, original equipment manufacturers (OEMs), dealers, and lenders within a single system.
The startup claims to have onboarded over 10,000 EV drivers so far and plans to add another 20,000 drivers by FY27. It operates in a market estimated at USD 12 billion, supported by growing demand for electric three-wheelers in logistics and passenger mobility.
