Delhi-based electric mobility startup Chargeup has secured ₹22 crore in fresh funding led by the IAN Group, with participation from Cap-A and existing backers. The round—Chargeup’s first in nearly four years—underscores renewed investor interest in India’s fast-growing electric vehicle (EV) ecosystem, particularly in last-mile mobility.
Startup focus and platform
Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup develops a technology-driven platform aimed at empowering last-mile EV drivers, with a core focus on electric three-wheelers. The company integrates technology, financing support and operational intelligence to tackle day-to-day challenges faced by drivers, from vehicle uptime to access to credit.
Use of funds
The ₹22 crore will be directed toward expanding operations in high-potential EV markets across India, scaling driver onboarding and enhancing Chargeup’s proprietary technology stack. Investment in product development and partnerships is expected to deepen the company’s ability to offer end-to-end solutions to drivers, manufacturers, lenders and service providers.
How the platform works
Chargeup connects drivers with vehicle manufacturers, dealers, lenders and service partners through a digital marketplace and IoT-enabled tools. By leveraging vehicle and usage data, the platform improves credit assessment for financiers, helps reduce battery- and maintenance-related downtime, and supports higher vehicle utilisation for drivers.
Addressing last-mile EV challenges
Last-mile EV adoption faces barriers such as high upfront costs, limited financing options, battery downtime and resale-value uncertainty. Chargeup’s driver-first model aims to address these issues by providing operational insights, structured financing pathways and real-time telematics, creating a more predictable income profile for drivers and lowering perceived risk for lenders.
Traction and market opportunity
To date, Chargeup has onboarded more than 10,000 EV drivers and plans to add nearly 20,000 more by FY27. India’s electric three-wheeler segment is expanding rapidly, driven by passenger mobility, e-commerce logistics and urban delivery needs. Industry estimates place the Indian EV three-wheeler market at roughly $12 billion, presenting significant growth potential for service platforms that cater to drivers and fleet operators.
Investor outlook
The IAN Group’s lead investment signals growing investor confidence in EV-focused service platforms beyond vehicle manufacturing and charging infrastructure. Backers are increasingly targeting companies that resolve operational and financial frictions across the EV value chain.
With the new capital, Chargeup plans to accelerate product innovation, broaden strategic partnerships and scale its reach—aiming to strengthen its role as an enabler for India’s transition to electric last-mile mobility.
