Chargeup, an EV tech platform for last-mile drivers, has raised ₹22 crore in a funding round led by IAN Group, with participation from Cap-A and existing investors. The company will use the funds to expand into high-demand markets and strengthen its technology platform that connects drivers, lenders, and operational services.
Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup addresses challenges faced by India's last-mile drivers, who often earn under ₹800 per day due to high financing costs, battery replacements, and vehicle downtime. EV three-wheeler drivers lose nearly half their daily income to EMIs, breakdown losses, and battery maintenance.
The platform uses IoT integration and digital infrastructure to provide loan security for lenders and earning security for drivers. It connects drivers, original equipment manufacturers, dealers, and non-banking financial companies on a single platform.
Varun Goenka, Co-founder & CEO, said, "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."
Chargeup has onboarded over 10,000 EV drivers and plans to add 20,000 more by FY27. The company operates in a market estimated at $12 billion, driven by increasing adoption of electric three-wheelers in logistics and passenger mobility.
The investment aligns with IAN Group's focus on technology-led businesses that address structural challenges in India's economy, including financial inclusion, asset efficiency, and sustainable mobility.
IAN Group is India's early-stage investment platform comprising the IAN Angel Fund, BioAngels, and SEBI-registered Venture Capital Funds, including a $100 million VC Fund, IAN Alpha Fund. The group enables entrepreneurs to raise between ₹50 lakhs and ₹50 crores with mentoring support.