Chargeup, a platform that helps last-mile drivers get financing and manage their electric vehicles, announced on Wednesday that it has teamed up with Mega Corporation Ltd and Shivakari Finance. Together, they will provide a credit line of INR 50 crore to speed up the use of electric commercial vehicles.
The company, based in New Delhi, plans to help put 4,000 electric commercial vehicles on the road over the next year.
Chargeup has helped 8,000 drivers get electric vehicles through its platform. It has also arranged over INR 8.64 crore in loans for EVs by working with financial companies like Ascend.
Chargeup has helped 8,000 drivers get electric vehicles through its platform. It has also arranged more than INR 8.64 crore in EV loans by partnering with financial companies like Ascend.
The offer is designed to help gig workers who don’t have credit scores, which usually makes it hard for them to get loans to buy electric vehicles.
Also, the company can approve financing in just four hours, much faster than the usual three to four days, says CEO and co-founder Varun Goenka.
Gig workers can now walk into a dealership to purchase a vehicle, and the dealer can directly upload their KYC on the Chargeup app and, within some time, get the financing approval. The same day, the car can also be delivered to the driver, Goenka added.
“Chargeup’s ultimate mission is to enable higher earnings for the driver. And for that, we are making it accessible, easy, faster, and cheaper to transition to EVs. So going ahead, we are looking to enable more NBFCs and banks to enter this category and start financing them through Chargeup’s platform,” Goenka.
The electric vehicles using Chargeup’s platform have special IoT devices on their batteries.
These devices help the company check the condition of the vehicle and spot any problems before they happen. This way, drivers can keep working and making deliveries without any breaks or issues.
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