Chargeup to onboard 20,000 EV drivers by FY27, boosting credit access and sustainable urban mobility
IAN Group, the country’s single largest early-stage investment platform, has invested in Chargeup’s ₹22 crore funding round along with Cap-A and existing investors.
Chargeup is building India’s driver-first EV Tech platform, enabling loan security for lenders, and earning security for drivers to run more and earn more — connecting all in one seamless platform.
The funding will support the company’s expansion into high-demand markets and further strengthen its technology platform for drivers, NBFCs, and scale operations across high demand EV focused markets.
Interestingly, Chargeup’s scale-up plans align with India’s continuously accelerating shift to electric mobility, where easy ownership and earning security are critical for last-mile drivers.
Founded in 2019 by Varun Goenka (Co-founder & CEO) and Satish Mittal (Co-founder & CDO), Chargeup works with India’s last-mile drivers, many of whom earn under ₹800 per day due to high financing costs, frequent battery replacements, and consequently vehicle downtime. EV 3W drivers lose almost half their daily income on EMIs, loss days due to breakdowns, and maintenance of batteries.
The investment aligns with the IAN Group’s focus on backing technology-led, scalable businesses that solve structural challenges in India’s economy. With a strong emphasis on platforms that enable financial inclusion, asset efficiency, and sustainable mobility, the group has been actively supporting companies building critical infrastructure for the next phase of India’s growth, particularly across deep-tech, mobility, and climate-linked sectors.
Varun Goenka, Co-founder & CEO, said, “Charge, and climate-linked sectors.
Varun Goenka, Co-founder & CEO, said, 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.
Chargeup has already onboarded over 10,000 EV drivers and plans to add 20,000 more by FY27. The company operates in a fast-growing market, with the opportunity estimated at $12 billion, driven by the rising adoption of electric three-wheelers in logistics and passenger mobility.
As India’s gig economy and urban mobility needs continue to expand, the company aims to play a key role in building the financial and operational backbone for the country’s EV ecosystem, improving credit access, asset utilisation, and long-term driver sustainability through a single, data-driven platform.
About Chargeup:
Chargeup is building India’s driver-first EV Tech platform, enabling loan security for lenders, and earning security for drivers to run more and earn more — connecting all in one seamless platform. Chargeup solves it with IoT integration and a unified digital platform, de-risking financing, assuring kilometres, protecting resale value, and seamlessly connecting drivers, OEMs, dealers, and lenders. Their mission is to enable 1 million Driver entrepreneurs with higher earnings by 2030.
About IAN Group:
IAN Group is India’s largest horizontal platform for early-stage investments, comprising the IAN Angel Fund, BioAngels, and a series of SEBI-registered Venture Capital Funds, the latest being a US$100mn VC Fund, IAN Alpha Fund. IAN enables entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores, supported by, high-quality mentoring by successful entrepreneurs, enabling access to global markets. IAN Group backs founders across domains and helps them scale their companies across India and beyond. Forbes has recognised
