Chargeup Secures ₹22 Crore from IAN Group and Cap-A to Scale Driver-First EV Platform – Indian Startup Times

Chargeup, the Delhi-based mobility startup focused on the electric three-wheeler segment, has raised ₹22 crore (approx. $2.4 million) in its latest funding round. The investment was led by IAN Group, with significant participation from Cap-A (formerly Capital-A) and other existing investors.

This marks the company’s third major funding milestone and follows a strategic four-year gap since its previous institutional equity round. The capital infusion will be utilized to fuel Chargeup’s expansion into high-growth EV markets, enhance its AI-driven tech stack for lenders and drivers, and accelerate its mission to onboard 20,000 additional drivers by FY27.

Solving the “Last-Mile” Income Gap

Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup operates a driver-first ecosystem designed to solve the structural inefficiencies of the electric three-wheeler (E3W) market.

Last-mile drivers in India often face a “triple threat” to their livelihoods:

1. High Financing Costs: High-interest rates from traditional lenders due to perceived asset risk.

2. Technical Downtime: Income loss caused by inefficient battery management or breakdowns.

3. Asset Depreciation: Uncertainty regarding the resale value of electric vehicles.

Chargeup’s integrated platform addresses these by connecting Drivers, OEMs, Dealers, and Lenders into a single data-led system. Using IoT integration, the platform tracks vehicle health and battery cycles in real-time, effectively de-risking loans for NBFCs and ensuring drivers stay on the road longer.

The Road to “Mission Million”

With over 10,000 drivers already on its platform, Chargeup is targeting a massive $12 billion market opportunity driven by the rapid electrification of India’s logistics and passenger segments.

“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,” said Varun Goenka, Co-founder & CEO.

Chargeup’s Funding History (At a Glance)