Chargeup has raised $2.5 million (Rs 18 crore) in pre-Series A round
- ByStartupStory | February 23, 2022
Chargeup has raised 2.5 million USD led by Capital-A and co-led by Anicut Capital in pre-Series A funding round. The round included Aman and Sameer Gupta (founders of Boat), Tiger Shroff, and Shraddha Kapoor, with Grip Invest extending a leased line of 1.5 million USD.
The company said that the investment will be used for the expansion of its network to new cities and building larger capacities to meet the growing demand.
Chargeup is the company building India’s largest battery-swapping network for electric vehicles. It works on an advanced technology-driven approach. They offer Lightweight Lithium batteries that can be swapped at multiple swapping points. This allows unlimited swaps and km and helps the user to convert 50% of the vehicle cost from Capex (capital expenditure) into OPEX( operating expenses).
Battery swapping also eliminates range anxiety and the need for buying or managing batteries as the service provider takes care of these needs.
In the Indian EV battery charging sector, Chargeup is set to lead the segment and will be driving standardization of operations through the integration of cutting-edge AI and analytics tools. The company is rapidly expanding its BSS network and aiming to benefit the lives of millions of e-rickshaw drivers in India, while also expanding coverage to 2 wheelers and other LCVs.
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