Chargeup Partners with Credit Fair and Ascend Capital for Electric 3-Wheeler Financing Solutions
Chargeup, a driver-first electric vehicle (EV) platform that offers Energy-as-a-Service (EaaS), has partnered with Credit Fair and Ascend Capital, two significant non-banking financial companies (NBFCs), to make it easier for drivers in underserved tier 2 and tier 3 cities to obtain credit.
According to the organization, in the fiscal year 2024–2025, it hopes to provide loans totaling INR 100 crore that are swift and secure.
The Indian E3W industry is expected to grow to USD 10.26 billion by 2030, according to latest estimates. Access to driver-customized, subsidy-independent loans and the development of an environment that supports E3W drivers are urgent needs. This collaboration will open doors for the future development of India’s EV market. According to a press statement from the company, it will handle market concerns, guarantee a lower total cost of ownership (TCO) even in the absence of subsidies, and benefit drivers as well as the larger ecosystem.
“At Chargeup, we have built a strategic driver-first platform that is redefining the arena of energizing EVs. We have introduced the concept of Energy-as-a-Service which has transformed the EV financing approach. The partnerships with Credit Fair and Ascend Capital will enable us to create highly impactful, and driver-centric financial solutions enabled digitally from financing to lifecycle management of the asset. This community of last mile drivers are not intentional defaulters but situational, hence by decoupling the ownership of vehicle and battery and creating a transparent digital communication, we will not only bolster Chargeup’s ability to revolutionize the EV sector through innovation and collaborations, but also help us consolidate our position as an enabler of the EV revolution in India.”
Varun Goenka, CEO and Co-Founder, Chargeup, said.
“We recognize a seamless alignment Vikas Agarwal, Co-Founder & CBO, Credit Fair said, of vision and mission with Chargeup’s driver-centric approach. Our objective is to offer subsidy-independent, cost-effective credit, easing the transition to EVs for drivers. Chargeup’s unique Energy-as-a-Service approach is poised to reduce upfront EV acquisition costs significantly. By joining forces, we are well-positioned to enhance our contribution to the creation of a sustainable and inclusive EV ecosystem.”
“Our partnership with Chargeup signifies a commitment to bridging the gap between energy and vehicle financing. They are dedicated to reducing the upfront EV and operating cost alongside increasing revenues for the drivers. This approach coupled with our ability to provide quick and secure loans will be a game changer in the EV financing segment. We have recently raised INR 50cr, which will give us a boost to strengthen our mission of empowering drivers in the underserved Tier-II and III cities across India, and unlocking new opportunities for widespread economic growth for all.”
Lokesh Chandra, CEO and Co-founder, Ascend Capital, said.
The predictive battery technology developed by Chargeup guarantees EV owners a longer battery life, more miles driven, and an improved repurchase experience. Drivers, original equipment manufacturers (OEMs), and non-bank finance companies (NBFCs) all stand to gain from Chargeup’s position as the leading data curator in the EV market, which is driven by data. As per the announcement, Chargeup is rapidly transforming the electric vehicle (EV) market in India by utilizing B2B collaborations and implementing a B2C strategy.
