New Delhi: Chargeup, a leading battery financing and full stack EV asset management platform, plans to onboard 1 lakh drivers within the next 3 years and extend its reach to 1 million drivers across 30 cities within 5 years.
Currently present in 13 cities, Chargeup is set to bolster its network by adding 1500 new partner stations across existing cities, with a focus on Delhi and Jaipur, while expanding into 4 additional Tier-II and Tier-III cities, solidifying presence in Haryana and Uttar Pradesh. This expansion is strategically designed to enhance the drivers accessibility to EV infrastructure, thereby driving widespread adoption of EVs at the grassroots level.
Varun Goenka, CEO and co-founder, Chargeup, said, “While our journey has been marked by milestones and growth, our true success lies in the impact we have had on drivers’ lives. Chargeup remains unwavering in its commitment to revolutionize the EV landscape, empowering drivers with access to increased credit, faster turnaround time, and a new benchmark of service and uptime. Our driver-centric approach underscores every decision we make, reaffirming our dedication to maximizing their earning potential and transforming the way they navigate the EV ecosystem”.
Whilst EVs are said to be driving the wave of change, certain hurdles still impede their adoption. High interest rate with an average of 34%, pose affordability challenges for prospective buyers. Additionally, uncertainties surrounding EV resale values, financial institutions underwritings, and apprehensions regarding battery risks impede market acceptance. Here, Chargeup stood out with its asset-lite model and advanced AI/ML-enabled data centers, providing a solution to these obstacles.
Chargeup’s Battery as a Service (BaaS) model simplified battery management complexities, shifting from Capex to Opex and streamlining operations for drivers. Drivers leveraging their services have noticed a remarkable 52% increase in monthly earnings, translating to over INR 2 lakh annually per driver in additional earnings. Chargeup’s success is attributed to its innovative, driver-centric ecosystem approach, facilitating collaboration among stakeholders to offer a bundled, end-to-end solution to last-mile drivers.
Chargeup has successfully enhanced drivers creditworthiness through advanced digital background verification, KYC verification, and digital underwriting. This enables easier ownership with longer tenure loans and lower down payments, allowing Total Cost of Ownership (TCO) to remain low.
