Chargeup, which offers battery-as-a-service solutions (BaaS) across the NCR region, raised $7 million in a mix of debt and equity in its Pre-Series A1 led by existing investors Capital A and Anicut Capital where marquee investors including TV show producer Ekta Kapoor, angel investor Sunil Kalra, Mastercard’s Sachin Mehra and debt investor Jiraaf also participated.
Chargeup currently operates 200+ swap stations in the Delhi-NCR region, clocking 1 Lakh+ battery swaps per month from 2K+ drivers. According to a statement from Chargeup, the round will help the company expand its services to 20 new cities and power more than 50K drivers. It has already formed alliances with significant OEMs and e-commerce firms to help them use EVs to reduce the cost of deliveries. In order to reach 1 Mn+ EV drivers by 2027, Chargeup also plans to strengthen its platform and technological foundation.