IAN Group has invested ₹22 crore in Chargeup, a driver-first EV Tech platform, to support its expansion and technology enhancement as India transitions to electric mobility.

Information on the Target

Chargeup, founded in 2019 by Varun Goenka and Satish Mittal, is a pioneering driver-first electric vehicle (EV) technology platform in India. The company aims to enhance the financial and operational stability of last-mile drivers, who currently face challenges such as high financing costs and frequent vehicle downtime. By offering loan security for lenders and earning security for drivers on a unified platform, Chargeup seeks to increase the earning potential of drivers, enabling them to operate more efficiently and profitably.

Chargeup has already made significant strides in the EV market, onboarding over 10,000 drivers and with plans to add 20,000 more by the end of fiscal year 2027. The company's innovative approach is addressing the needs of India's growing last-mile delivery sector, driven by the rise in electric three-wheelers for logistics and passenger mobility.

Industry Overview in India's Electric Mobility Sector

India is experiencing a rapid transformation towards electric mobility, supported by government initiatives and increasing consumer awareness about environmental issues. The country has set ambitious targets for electric vehicle adoption, fost