EV start-up Chargeup raises $7 million in pre-series A1 funding round

The EV market in India is expected to grow aggressively from 2 million to 80 million vehicles by 2030 as per government estimates

Chargeup, which provides battery swapping services for electric vehicles, on Thursday announced that it raised $7 million in funding in a pre-series A1 financing round, led by Capital-A and Anicut Capital along with other investors.

The new funding will be infused into expanding the services to 20 new cities and power 50,000+ drivers. The company will also strengthen its FineTech (Finance-Network-Technology) Platform, and tech stack to ensure 100 per cent uptime and a seamless experience for its customers. This will also enable the drivers to own an EV by spending 40 per cent less and earning 80 per cent more.