What Chargeup does

Chargeup (legally Echargeup Solutions Private Limited) is a New Delhi-headquartered EV platform founded in 2019 by Varun Goenka and Satish Mittal, operating a Driver-First Fi-Ne-Tech platform that combines Finance, Network, and Technology to serve last-mile commercial EV drivers in India — primarily e-rickshaw and electric three-wheeler operators. The platform's core technology stack is an AI/ML-powered Battery Digital Twin & Predictive Payments framework layered on IoT-enabled battery monitoring, which captures real-time vehicle, battery, and driver behavioral data to underwrite drivers without formal credit histories and to predict defaults. Product modules include Chargeup Exchange (marketplace for repair, resale, replacement), Chargeup Track (real-time asset tracking with remote immobilization), Chargeup 365 (365-day running assurance targeting 98% vehicle uptime), Chargeup Shield (battery/vehicle protection), and the Chargeup Risk Engine (digital underwriting beyond Cibil scores). Operational footprint spans 16+ cities, 180+ pincodes, and 200+ battery swap stations concentrated in Delhi-NCR, with 7,362–10,000+ active drivers and cumulative outcomes of 12.7 Mn KgCO2 emissions saved, 9.2 Cr km driven, and INR 109.5 Cr in driver income generated.

The business model is multi-stream: recurring subscription revenue from monthly battery rental/swapping fees paid by drivers, one-time non-refundable sign-up charges plus interest-free security deposits, transaction fees from EV loan facilitation through NBFC partnerships (including a deployed INR 50 crore facility with Mega Corporation Limited and Shivakari Finance covering 4,000 commercial EVs), and platform/risk-management services sold to NBFCs and OEMs. Pricing is quote-based and not publicly disclosed. GTM is a hybrid multi-sided platform motion combining direct-to-driver mobile app onboarding with B2B enterprise sales to NBFCs, OEMs (Greenfuel, Eastman), and dealers. The company achieved EBITDA profitability in 2024, has raised approximately USD 10M since founding across rounds led by MapmyIndia, Capital-A, Anicut Capital, and IAN Group, and won the Innovation in EV category at the 2026 Aegis Graham Bell Awards for its proprietary AI/ML framework. Most recently it partnered with PeakAmp (March 2026) to extend into EV battery end-of-life management and recycling.

Name

Chargeup

Legal name

Echargeup Solutions Private Limited

Website

https://echargeup.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Chargeup operates a Driver-First Fi-Ne-Tech platform combining battery swapping, IoT-enabled asset monitoring, AI-driven risk underwriting, and NBFC-mediated EV financing for last-mile commercial drivers — primarily e-rickshaw and electric three-wheeler operators — across India.

Ownership category

akta.pro rank

Product category

EV Battery Swapping & Financing Platform

NAICS

Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911)

akta.pro primary industry

EV Charging Network Management & Software Services (CPMS, Monitoring, Billing) (TLAKAMAG)

akta.pro secondary industry

Charging Systems & Swappable Battery Infrastructure Manufacturing (IMACAOAF)

Keywords

• Battery swapping network
• EV financing platform
• Electric vehicle charging
• Commercial EV drivers
• Lithium-ion battery rental

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Infrastructure, Technology or R&D, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Battery Rental / Swapping Services: Rental services of Lithium-ion batteries provided on lease/rent basis through battery swapping network. Drivers pay subscription charges for battery access and swapping services.
2. EV Financing Facilitation: Platform enables paperless EV loans to last-mile drivers with no or low credit score, partnering with NBFCs. Revenue derived from financing facilitation fees and risk management services.
3. Platform Services for NBFCs: Risk management, default prediction, and asset management services provided to NBFCs for secured EV lending.
4. Dealer Network Services: One-stop solution for repair, resale, and battery replacement through dealer network partnerships.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Chargeup operates a Driver-First Fi-Ne-Tech Platform (Finance + Network + Tech) that provides battery swapping services and EV financing to last-mile commercial drivers in India. The company runs 200+ battery swap stations, leases lithium-ion batteries through subscriptions, and facilitates paperless EV loans through NBFC partnerships using an AI/ML-powered risk engine. It also offers risk management, asset tracking, and default prediction services to financial institutions, OEMs, and dealers participating in the EV ecosystem.

Product overview

Chargeup operates as a Driver-First Fi-Ne-Tech Platform (Finance + Network + Tech) that unifies the EV ecosystem to empower drivers, NBFCs, and OEMs. The platform consists of multiple integrated modules: Chargeup Exchange (marketplace), Chargeup Track (real-time asset tracking with GPS and remote immobilization), Chargeup 365 (uptime assurance with repair/resale/replacement services), Chargeup Shield (protection features), and the Chargeup Risk Engine (AI-powered digital underwriting and default prediction). The platform connects drivers seeking EV financing with NBFCs and OEMs, using IoT-enabled battery monitoring and AI-driven financial intelligence to enable paperless loans for drivers with limited credit history while providing lenders with risk management tools and asset security.

Differentiator

Problem solved

Functional benefit

Products and services

• Battery Swapping Subscription Service Subscription-based rental of lithium-ion batteries delivered through a network of 200+ battery swap stations across Delhi-NCR and 16+ Indian cities. Commercial EV drivers (e-rickshaw and three-wheeler operators) sign up with a one-time charge and a refundable security deposit, then pay monthly subscription fees to swap depleted batteries for instantly charged ones at any station.
• EV Loan Facilitation Service Paperless EV loan facilitation service that connects last-mile drivers with no or low Cibil scores to NBFC partners for vehicle and battery financing. Uses the Chargeup platform's digital underwriting and risk engine to enable access to formal credit beyond traditional scores, with deployment via partners such as Mega Corporation Limited and Shivakari Finance.
• Chargeup Intelligence Platform AI/ML-powered platform combining financial solutions, real-time asset management, predictive tech, and digital underwriting beyond Cibil scores for commercial EV drivers, lenders, and OEMs. Underpins Chargeup's Risk Engine, Active Intelligence, predictive payments, and 365-day running assurance in a single integrated stack.
• Chargeup Exchange Network-based marketplace service providing EV drivers instant access to repair, resale, and replacement services for batteries and vehicles. Functions as a trusted service exchange reducing residual value uncertainty for lenders and giving drivers a single point of vehicle lifecycle support.

Quantifiable outcome

• Driver earnings increased by up to 40%
• +7 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature8 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• PeakAmpcoreTechnology or Integration · 25 March 2026Strategic partnership to manage EV battery lifecycles across India. Integrates Chargeup's battery data platform with PeakAmp's end-of-life management capabilities to enhance traceability and inform recycling decisions. Addresses growing need for sustainable EV battery disposal as electric vehicle adoption increases.
• GreenfuelsupportingOEM/ Whitelabel/ Licensing PartnerOEM partner whose logo appears on Chargeup's partners page, representing battery and vehicle manufacturer partnership for the EV ecosystem.
• EastmansupportingOEM/ Whitelabel/ Licensing PartnerOEM partner whose logo appears on Chargeup's partners page, representing battery and vehicle manufacturer partnership for the EV ecosystem.
• ZenfinitysupportingTechnology or IntegrationTechnology partner whose logo appears on Chargeup's partners page, representing tech integration for platform capabilities.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sun Mobility: Sun Mobility operates one of India's largest battery-swapping networks for electric two- and three-wheelers, partnering with OEMs and fleet operators. Most direct competitor to Chargeup in e-rickshaw and three-wheeler battery swapping.
• Battery Smart: Battery Smart runs an interoperable battery-swapping network for electric two- and three-wheelers across India, targeting last-mile delivery and ride-hailing drivers. Direct competitor with similar asset-heavy swapping model.
• Bounce Infinity: Bounce Infinity operates electric two-wheeler rentals and battery-swapping stations in India. Competes with Chargeup on both swap infrastructure and last-mile mobility services targeting commercial drivers.
• Gogoro: Gogoro pioneered large-scale battery-swapping for electric two-wheelers in Taiwan and has expanded into India. Closest international analog to Chargeup's swapping-as-a-service model, though focused on two-wheelers.

Broad incumbents

• Honda Power Pack Energy India: Honda's battery-swapping subsidiary is deploying swap stations for electric three-wheelers in India with major OEM backing. Threatens Chargeup's three-wheeler swap economics via OEM-anchored network.

Emerging players

• Euler Motors: Euler Motors manufactures and finances electric three-wheeler commercial vehicles in India, partnering with financiers and fleet operators. Adjacent to Chargeup via shared driver ecosystem and EV financing focus.
• Altigreen Propulsion Labs: Altigreen designs and sells electric three-wheeler cargo vehicles in India. Comparable to Chargeup via shared last-mile commercial customer base, though Altigreen focuses on vehicle sales vs. swapping services.
• Yulu: Yulu operates shared electric two-wheelers and battery-swapping infrastructure for urban mobility and gig workers. Overlaps with Chargeup on shared mobility drivers and micromobility swapping category.
• Lithion Power: Lithion Power provides battery-swapping and EV battery lifecycle services in India, including stations for last-mile fleets. Direct peer in the swap-station and battery-as-a-service category.
• Hala Mobility: Hala Mobility offers subscription-based electric two-wheeler and three-wheeler rentals targeting gig workers in India. Comparable to Chargeup via subscription mobility model serving the same driver demographic.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@chargeup
• LinkedInlinkedin.com/company/chargeup-solutions-pvt-ltd
• Facebookfacebook.com/echargeup

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds7 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chargeup