Description
Problem:
The EV penetration in the Indian market and globally is happening at a rapid pace, with National and international bodies facilitating growth via various schemes. Carbon emissions are increasing YoY and the biggest source of the same is automobile emissions. To correct this growing trend, various countries have promised alignment under the Paris agreement and COP ’28 to reduce climate change. Switching to EVs is thereby the need of the hour In India. Chargeup is riding this wave of disruptions with a unique driver first ecosystem to increase the EV penetration across the country.
Solution:Chargeup is a unique – one of its kind brand agnostic Fi-Ne-Tech platform where multiple OEMs, NBFC, partners come together to create a priceless value for the end user.
In layman terms, their end customer, that is the driver, can select the vehicles of his choice; 2 wheeler or 3 wheeler, the battery of his choice from OEM, the financer from where he wants to finance and finally the partner he wants to work with of the likes of Zomato, Swiggy, Elastic run etc. All these decision parameters are with the end users where he is the king to make the choice and decide.
In terms of Scale, they are present across 7 cities, with more than 3000+ drivers getting serviced by 300+ dealer partners.
Their Fi -Ne- Tech platform is unique, as it brings the financier together with various network partners such as OEMs and B2B players, connected efficiently via technology creating value proposition for various stakeholders such as Value proposition created NBFC – Low Risk, No Collection, NPA reduction, Security of asset OEMs – Single point of Sale, Touchpoint, Brand awareness, Demand generation B2B Partner, such as Zomato, Rapido – Controlled cost, Consistency and ESG compliance.
Market Opportunity:The EV industry is growing at 59% CAGR YoY with a total industry estimated to be around $50 Bn by 2030. At present, there are 30 Lacs active EV vehicles and 5 crore ICE engine auto which will slowly move to EV.
Following are a few highlights of Chargeup:
360° EV solution built around drivers.
- 2nd largest provider of Battery Swapping with a unique driver 1st business model.
- Current MRR of ₹1.11 Cr and a live ARR of ₹13 Cr.
3x growth in last 12 months led by 3.5x increase in number of drivers, 33% increase in revenue per swap.
- Repeat Retention Rate of 96%.
Details of the Founders :
- Varun Goenka – Founder & CEO | Ex- CEO of Atlanta Energy
Satish Mittal – Chief Digital Officer | Former Meta executive and Ex-CTO of Vodafone
Details of the round
They are raising ₹15 Cr as a Bridge Round from which ₹8 Cr is already committed.
The investment in SkyeAir is open through our SEBI-
