The company plans to provide Rs 100 crore in fast and secure loans in FY25, according to the press release.
Chargeup, an EV platform focusing on drivers and providing Energy-as-a-Service (EaaS), has partnered with Credit Fair and Ascend Capital, non-banking financial corporations (NBFCs), to offer easy access to credit in tier 2 and 3 cities. The company plans to facilitate INR 100 crore in quick and secured loans in the financial year 2024-25.
The Indian E3W market is expected to reach USD 10.26 billion by 2030. There is a need for subsidy-independent, driver-customized loans to create a supportive ecosystem for E3W drivers. This partnership aims to shape the future of the EV industry in India by ensuring a lower total cost of ownership (TCO) without subsidies, benefiting drivers and the broader ecosystem.
Varun Goenka, CEO and Co-Founder of Chargeup, stated that the company had developed a driver-first platform that redefines EV energizing. The concept of Energy-as-a-Service has changed the EV financing approach. The partnerships will enable the creation of impactful, driver-centric financial solutions, from financing to lifecycle management of the asset. By decoupling vehicle and battery ownership and ensuring transparent digital communication, Chargeup aims to revolutionize the EV sector and consolidate its position as an enabler of the EV revolution in India.
Vikas Agarwal, Co-Founder & CBO of Credit Fair, mentioned that there is a seamless alignment of vision and mission with Chargeup’s driver-centric approach. The goal is to offer cost-effective credit without subsidies, easing the transition to EVs for drivers. Chargeup’s Energy-as-a-Service approach will significantly reduce upfront EV acquisition costs, enhancing their contribution to a sustainable and inclusive EV ecosystem.
Lokesh Chandra, CEO and Co-founder of Ascend Capital said that their partnership with Chargeup is dedicated to reducing upfront EV and operating costs while increasing revenues for drivers. Their ability to provide quick and secure loans will be a game-changer in the EV financing segment. They have recently raised INR 50 crore to empower drivers in underserved Tier-II and III cities across India, unlocking opportunities for widespread economic growth.
Chargeup’s predictive battery tech ensures longer battery life, higher kilometres, and a better buyback experience for EV users. As the largest data curator in the EV industry, Chargeup benefits drivers, original equipment manufacturers (OEMs), and NBFCs. By leveraging B2B partnerships and adopting a B2C approach, Chargeup is revolutionizing the EV industry in India.
