The funding round was led by IAN Group, with participation from Capital A and existing investors
The fresh funds will support Chargeup to expand into ‘high-demand’ markets and bolster its technology platform for drivers and NBFCs
The startup had last raised $7 Mn in 2023 from Capital A and Anicut Capital to expand its services to 20 new cities and power 50K+ drivers
EV startup Chargeup
, which offers battery-as-a-service solutions (BaaS), has raised INR 22 Cr ($2.4 Mn) in a fresh funding round led by IAN Group, with participation from Capital A and existing investors.
The fresh funds will support Chargeup to expand into ‘high-demand’ markets and bolster its technology platform for drivers and NBFCs, while a portion of the capital will be allocated to scale operations, the startup said in a statement.
Founded in 2019 by Varun Goenka and Ankur Madan, Chargeup currently operates 200+ swap stations in the Delhi-NCR region, clocking 1 Lakh+ battery swaps per month. It claims to have onboarded over 10,000 EV drivers and is on route to add 20,000 more by FY27.
The startup had last raised $7 Mn in 2023 from Capital A and Anicut Capital to expand its services to 20 new cities and power 50K+ drivers. Overall, it has raised close to $10 Mn since inception.
The startup solves issues like high financing costs, frequent battery replacements, and vehicle downtime, a key challenge impeding upon overall EV adoption in India. It solves these problems with IoT integration and a unified digital platform, de-risking financing, assuring kilometres, protecting resale value, and seamlessly connecting drivers, OEMs, dealers, and lenders.
“The IAN Group’s investment will accelerate our journey toward our Mission Million milestone, enabling a million drivers to become financially independent,” CEO Goenka said.
With an increasing population switching to electric mobility options to commute, startups operating in this space have begun mass production of their EVs, while major vehicle brands are constantly working around bringing in new launches.
Based on Vahan data, the total electric vehicle registrations in 2025 increased to 22.7 Lakh, from almost 20 Lakh in 2024.
Meanwhile, players in the battery swap space, EV financing, charging stations and such are equally benefitted with the higher consumer traction as well as the government’s push with initiatives like the PM E-DRIVE scheme.
