Chargeup, a driver platform enabling EV financing and asset management solutions for last-mile drivers, has established strategic partnerships with Mega Corporation Limited and Shivakari Finance. Through these alliances, the companies aim to disburse a combined credit line of INR 50 crore and support the deployment of 4,000 commercial EVs over the next 12 months, accelerating clean mobility and inclusive credit access for underserved drivers. At its core, the partnership aims to unlock EV financing at scale across India.
Addressing the challenges in the EV financing landscape, Varun Goenka, Founder & CEO of Chargeup, said, “EV financing in India has historically posed high risk for lenders, especially NBFCs, due to a combination of factors: an unstructured resale market, uncertain battery performance, and borrowers with low or no credit history. These risks often result in higher NPAs and limited loan approvals—ultimately hampering EV adoption at the grassroots level.”
Chargeup, being an asset management and financial services platform, is creating impact by enabling quick financing and predictive asset management for last-mile drivers, solving challenges around EV ownership and revenue loss due to low utilization. The platform has built its intelligence on driver and battery behavior data, enabling risk mitigation and asset management tech that reduces credit risk and increases asset utilization.
Speaking on the partnership, Joydeep Dutta, Vice President & Business Head of Mega Corporation, said, “As an NBFC, EV financing was not a part of our portfolio. With Chargeup’s platform play, we got an instant go-to-market opportunity into the EV domain—giving us the tech, trust and speed, to scale fast in an untapped market.”
“After partnering with Chargeup, we have transitioned from financing e-rickshaws to i-rickshaws. With their tech-first approach, from digital underwriting to real-time tracking, they have simplified our operations, made the asset more secure and significantly reduced the NPAs,” added Nandita Monga, Vice President, Shivakari Finance.
Leveraging its unique model, Chargeup has already empowered over 8,000 drivers with EV ownership and increased their daily earnings, thus advancing their financial inclusion. It has facilitated over INR 8.64 crore in EV disbursements through prior NBFC partnership with Ascend. With its growing infrastructure and rising demand from lenders and fleet operators alike, the company is laying the groundwork for a scalable, sustainable credit ecosystem—one that makes EV financing safer for lenders while unlocking upward mobility for thousands of low-income drivers.