Chargeup Gets ₹50 Cr Credit Push for Commercial EV Financing

New Delhi, India – May 30, 2025 – India's push for electric commercial vehicles is gaining significant momentum. Chargeup, a platform focused on EV asset management and financial services, has successfully secured a combined credit line of ₹50 crore. This substantial funding is made possible through partnerships with Mega Corporation Limited and Shivakari Finance. It aims to accelerate the adoption of electric mobility across the country.

New Partnerships to Deploy 4,000 EVs

This strategic collaboration plans to deploy 4,000 commercial electric vehicles, specifically targeting last-mile delivery and passenger transport drivers across India over the next year. This initiative directly addresses a key challenge in the EV market: securing financing for electric vehicles.

Historically, traditional lenders and non-banking financial companies (NBFCs) have been hesitant to fund commercial EVs. Unpredictable batteries, low resale value, and weak credit histories are making loans riskier and harder to approve.

Varun Goenka, Founder and CEO of Chargeup, emphasized that their platform helps reduce these risks. Chargeup uses detailed data on driver and battery behavior to assess creditworthiness and ensure better use of the vehicles. They also provide digital underwriting and real-time tracking services to financial partners looking to enter the EV financing space.

Partners Praise Chargeup's Approach

For Mega Corporation, this partnership marks their entry into EV financing. Joydeep Dutta, Vice President at Mega Corporation, praised the collaboration, highlighting Chargeup's technology, trust, and speed in accessing this growing market.

Shivakari Finance has also transitioned from financing e-rickshaws to modern i-rickshaws through this alliance. Nandita Monga, Vice President at Shivakari Finance, noted that Chargeup's data-driven approach has simplified operations and reduced loan default risks.

With growing government support for electric mobility, securing financing for drivers transitioning from fuel vehicles remains crucial. Chargeup's model, which has already helped over 8,000 drivers secure EV ownership, plays an Important role in accelerating this shift toward a greener transportation ecosystem.