Founded by Varun Goenka and Akshay Kashyap in 2019, Chargeup uses an advanced technology driven approach to offer Battery as a Service (BaaS) solutions to e-rickshaw drivers
Battery swapping startup for e-rickshaws, Chargeup, has raised an undisclosed amount in its ongoing Pre-Series A funding round led by MapmyIndia with participation from various HNIs. The funding will be used as investment in marketing for customer acquisition and building the tech stack, the company said.
Founded by Varun Goenka and Akshay Kashyap in 2019, Chargeup uses an advanced technology-driven approach to offer Battery as a Service (BaaS) solutions to e-rickshaw drivers.
Chargeup’s standardised battery technology is geared towards delivering a 2-minute battery swap within a radius of 2 km to ensure twice the revenue for drivers and dealer partners.
From two stations at the outset, Chargeup has grown to 18 stations catering to up to 500 drivers daily, clocking 9,000 swaps per month and has covered 3.5 million km on its platform since inception.
Varun Goenka, CEO and Co-founder, Chargeup, said, “The funding support from HNIs is also a major boost to our offerings. With a strong grip on the execution of this business, Chargeup works on a Capex light and Opex light model thus making it fast and scalable.”
Battery swapping eliminates range anxiety and the need for buying or managing batteries as the swapping service provider takes care of such needs.
However, the nationwide Covid-19 lockdown negatively impacted the demand of swappable batteries from the drivers due to the reduced mobility of e-rickshaws.
According to estimates by Mordor Intelligence, the Indian Electric Vehicle Market was valued at $5 billion in 2020 and is expected to reach $47 billion by 2026 registering a CAGR of above 44 per cent during the forecast period (2021 – 2026).
Chargeup aims to lead the segment in 2021-22 and will be driving standardisation 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.
