Category: EV Solutions
Founders: Varun Goenka and Satish Mittal
Founding Year: 2019
Funding: $9.5M
Investment: Anicut Capital, Aman Gupta, Shraddha Kapoor, Capital A
Industry: FinTech
Google Rating: 4.3/5
Website: ChargeUp
ChargeUp is a startup that has taken a novel approach to addressing one of the key barriers in the electric vehicle (EV) market: the high cost of ownership, specifically the expense of batteries. By offering "Battery as a Service" (BaaS), ChargeUp has created an innovative subscription model that allows EV drivers, particularly in the three-wheeler space, to rent batteries rather than own them. This model reduces the upfront costs of purchasing an EV and alleviates concerns about battery maintenance and replacement. ChargeUp’s solution also enables the owners of these vehicles to avoid the significant re-investment costs of purchasing new batteries after a few years. With funding of $9.5 million from high-profile investors, including Aman Gupta and Shraddha Kapoor, ChargeUp is set to revolutionize the EV market in India, promoting affordability and sustainability for drivers.