IAN Group invests Rs 22 Crore in Chargeup to enhance its EV driver platform.

IAN Group has invested a total amount of Rs 22 crore in Chargeup’s funding round, alongside Cap-A and existing investors. The funding will be invested towards Chargeup’s expansion into high-demand markets and improve its technology platform for drivers, NBFCs, and operations across EV-focussed markets. 

About Chargeup

Chargeup was founded in 2019 by Varun Goenka and Satish Mittal and is working alongside India's last-mile EV drivers. By offering loan security for lenders and ensuring driver safety, the platform is focused on boosting income and reducing vehicle downtime. Chargeup has a total of 10,000 drivers and is set to grow its workforce by another 20,000 by FY27.

The organization is engaged in a sector worth around $12 billion, largely propelled by electric three-wheelers catering to logistics and passenger transportation. The investment is parallel with IAN Group’s focus towards technology-driven business that promoted financial inclusion, asset efficiency and green mobility. 

Chargeup's goal is to bolster the operational and financial foundation of India's EV ecosystem.