Chargeup, a battery swapping network for electric two- and three-wheelers, has raised $2.5 million in its pre-Series A round led by Capital-A and co-led by Anicut Capital. Tiger Shroff, Aman Gupta and Sameer Mehta (founders of boAt), and Shraddha Kapoor have also participated.
The funding will be used for expansion of Chargeup’s network to new cities and building larger capacities to meet the growing demand.
Founded by Varun Goenka and Ankur Madan, Chargeup offers battery as a service (BaaS) with lightweight Lithium batteries that can be swapped at multi swap points. This enables unlimited swaps and kms and helps the end user to convert 50% of the vehicle cost from capex to opex, hence facilitating faster adoption of EVs.
The brand promises a 2-minute battery swap within a radius of 2 km to ensure twice the revenue for drivers and dealer partners. Because of its partner-driver growth model, from 2 stations at the outset, the company has grown to 100 stations with 800 drivers on its platform, covering 2 million zero emission kms per month.