IAN Group, India’s largest early-stage investment platform, has announced a ₹22 crore EV investment in Chargeup, a fast-growing electric mobility startup. The round also saw participation from Cap-A and existing investors. The funding will enable Chargeup to scale its operations across high-demand markets and enhance its EV technology platform designed to empower drivers, lenders, and mobility partners.
Founded in 2019 by Varun Goenka and Satish Mittal, Chargeup is building India’s first driver-first EV tech platform, addressing key challenges faced by last-mile drivers, including high EMIs, battery replacement costs, and limited financing options. The platform provides a seamless solution that improves earning potential and financial security for drivers while helping NBFCs manage risk and loan recovery.
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The latest EV investment aligns with IAN Group’s focus on supporting technology-led, scalable businesses that promote financial inclusion, sustainability, and climate-focused innovation. With over 10,000 EV drivers already onboarded, Chargeup aims to expand its reach to 30,000 drivers by FY27 and play a pivotal role in strengthening India’s EV ecosystem.
As India transitions toward sustainable transportation, this partnership underscores the growing confidence of investors in the electric mobility sector and highlights the country’s accelerating shift toward clean, efficient, and inclusive urban transportation solutions.
Commenting on this development, Varun Goenka, Co-founder & CEO, Chargeup said: “Chargeup is building a high-growth, profitable company focused on empowering last-mile drivers with better earnings and financial security. The IAN Group’s investment will accelerate our journey toward our Mission Million milestone, enabling a million drivers to become financially independent.”
Chargeup has already onboarded over 10,000 EV drivers and plans to add 20,000 more by FY27. The company operates in a $12 billion market driven by rising adoption of electric three-wheelers across logistics and passenger mobility.
