IAN Group backs Chargeup in Rs 22 Cr funding round

EV-focused mobility startup Chargeup has raised Rs 22 crore ($2.4 million) in a funding round backed by IAN Group, along with Cap-A and existing investors.

The new round came after a gap of four years.  This is the third funding round for the Delhi-based startup. In November 2022, the firm had raised $7 million in a pre-Series A1 round led by Capital-A and Anicut Capital. In the same year, It raised$2.3 million in its pre-Series A round led by Capital-A and co-led by Anicut Capital

The proceeds will be used to expand into high-demand EV markets, strengthen its technology platform for drivers and lenders, and scale operations across regions with rising electric three-wheeler adoption.

Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup is building a driver-first EV technology platform focused on last-mile drivers. The platform addresses challenges such as high financing costs, battery-related downtime, and income loss, which significantly impact earnings for EV three-wheeler drivers.

Chargeup integrates IoT and data-led tools to reduce lending risk for NBFCs while improving earning stability, vehicle utilisation, and resale value for drivers. The platform connects drivers, OEMs, dealers, and lenders within a single system.

The startup has onboarded over 10,000 EV drivers and plans to add another 20,000 drivers by FY27. It operates in a market estimated at $12 billion, driven by increasing adoption of electric three-wheelers across logistics and passenger mobility.