Chargeup Raises INR 22 Crore in Funding Led by IAN Group

Chargeup, a driver-first EV technology platform, has raised INR 22 crore in a funding round led by IAN Group, with participation from Cap-A and existing investors.

The fresh capital will be used to expand operations in high-demand EV markets and strengthen Chargeup’s technology platform for drivers, NBFCs and ecosystem partners. The funding comes amid India’s accelerating shift towards electric mobility, where access to affordable ownership and income security remains critical for last-mile drivers.

Founded in 2019 by Varun Goenka (Co-founder & CEO) and Satish Mittal (Co-founder & CDO), Chargeup works with last-mile EV drivers who often earn under INR 800 per day due to high financing costs, battery replacements and vehicle downtime. For many electric three-wheeler drivers, EMIs, maintenance and breakdown-related losses significantly reduce daily earnings.

The investment aligns with IAN Group’s focus on backing technology-led businesses addressing structural challenges across financial inclusion, asset efficiency and sustainable mobility. The group has been actively supporting companies building critical infrastructure in deep-tech, mobility and climate-linked sectors.

Varun Goenka, Co-founder & CEO, said, “Chargeup is building a high-growth, profitable company focused on empowering last-mile drivers with better earnings and financial security. The IAN Group’s investment will accelerate our journey toward our Mission Million milestone, enabling a million drivers to become financially independent.”

Chargeup has onboarded over 10,000 EV drivers and plans to add 20,000 more by FY27. The company operates in a rapidly growing market estimated at $12 billion, driven by the rising adoption of electric three-wheelers across logistics and passenger mobility.

As India’s gig economy and urban transport needs continue to grow, Chargeup aims to build the financial and operational backbone of the EV ecosystem by improving credit access, asset utilisation and long-term driver sustainability through a single, data-driven platform.