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,… Read MoreInc42 Media
