In a boost to India’s burgeoning electric vehicle ecosystem, Chargeup, a Delhi-based EV tech platform dedicated to supporting last-mile drivers, has raised ₹22 crore (approximately $2.4 million) in a fresh funding round. The round was led by IAN Group, India’s largest early-stage investment platform, with participation from Cap-A (formerly Capital-A) and existing investors. This marks Chargeup’s third funding round, arriving after a nearly four-year gap and signaling strong investor confidence in its mission.
Founded in 2019 by Varun Goenka (Co-founder & CEO) and Satish Mittal (Co-founder & CDO), Chargeup is building a unified, driver-first technology platform that connects electric three-wheeler drivers, non-banking financial companies (NBFCs/lenders), dealers, OEMs, and other ecosystem players. By integrating IoT-enabled tools, data-driven insights, and seamless services, the startup tackles the core pain points that hinder EV adoption at the grassroots level.
India’s last-mile delivery and passenger mobility sector relies heavily on electric three-wheelers (e-rickshaws and cargo variants), but drivers often face harsh realities. Many earn less than ₹800 per day after accounting for steep EMIs on vehicle financing, frequent battery replacements, unexpected breakdowns, and prolonged vehicle downtime. These costs can eat up nearly half of a driver’s daily earnings, making the switch to EVs financially risky despite environmental benefits.Chargeup addresses these challenges head-on through its comprehensive platform:
- Lower financing burdens by de-risking loans for NBFCs via better data and monitoring.
- Reduced downtime with predictive maintenance, quick roadside support, and efficient battery management.
- Higher earnings potential — up to 40% more for drivers through optimized operations, higher vehicle uptime, and predictable income streams.
The ₹22 crore infusion will fuel several key priorities:
- Expansion into high-demand EV markets across urban and semi-urban India, where electric three-wheeler adoption is accelerating.
- Strengthening the technology stack, including enhancements for drivers, lenders (NBFCs), and operational scalability.
- Accelerating driver onboarding and ecosystem partnerships.
Chargeup has already onboarded over 10,000 EV drivers across 16+ cities and 180+ pincodes via its dealer network. With this funding, the company targets adding nearly 20,000 more drivers by FY27, capitalizing on a massive market opportunity estimated at $12 billion, driven by surging demand in logistics and passenger mobility.Varun Goenka, Co-founder & CEO, emphasized the vision: “Chargeup is building a high-growth, profitable company focused on empowering last-mile drivers with better earnings and financial security. The IAN Group’s investment will accelerate our journey toward our Mission Million milestone, enabling a million drivers to become financially independent.”
As India races toward its EV goals amid rising pollution concerns and government incentives, platforms like Chargeup play a pivotal role in making electric mobility viable for the millions in the unorganized last-mile sector. By focusing on financial inclusion, operational efficiency, and earning security, Chargeup is not just facilitating EV adoption — it’s creating a more equitable and sustainable foundation for the future of urban transport.
