Chargeup, a battery-swapping startup, secures $7 million in funding

• ByStartupStory     |    November 17, 2022

Chargeup, an electric two- and three-wheeler battery swapping network, has secured $7 million in a pre-Series A1 round headed by Capital-A and Anicut Capital, with other investors including Ekta Kapoor, Sunil Kalra, and Sachin Mehra. Jiraaf, a platform for high-yield alternative investment options, also joined the round by lending to Chargeup.

This is the Delhi-based startup’s second investment round in 2022. The company secured $2.3 million in pre-Series A financing led by Capital-A and co-led by Anicut Capital in February. Tiger Shroff, Aman Gupta, and Sameer Mehta were also there.

According to a press release, the additional financing will be utilized to expand its services to 20 new locations and power over 50,000 drivers. The company will also reinforce its fine-tech platform and tech stack to assure 100% availability and a flawless consumer experience.

Varun Goenka and Ankur Madan founded Chargeup, which provides battery as a service (BaaS) using lightweight lithium vehicle batteries that can be replaced at several exchange locations. According to the business, it allows for infinite exchanges and assists the end user in converting 50% of the vehicle’s cost from capex to opex.

The brand offers a 2-minute battery switch within a 2-kilometer radius, doubling the income for drivers and dealer partners. According to the firm, it has grown to 100 stations and 800 drivers on its platform. It runs over 200 swap stations in Delhi/NCR, with over 1 lakh exchanges completed each month.

The arrival of battery tech firms into the battery as a service and battery swapping industries has also made it possible for electric vehicles to drive greater distances and lease batteries separately from the vehicle in order to save money upfront. Battery solutions are also provided by startups such as Battery Smart, Lohum, Nexus Battery, Log 9 Materials, Inverted, and Yulu.

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