The platform’s intelligence is based on data on driver and battery activity, allowing for asset management and risk avoidance.
Mega Corporation Limited and Shivakari Finance have partnered with Chargeup, a driver platform that facilitates EV finance and asset management solutions for last-mile truckers. Over the course of the upcoming year, the companies hope to promote the deployment of 4,000 commercial EVs and disburse a combined credit line of Rs 50 crore through these partnerships. The partnership’s primary goal is to make EV finance widely available in India.
“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,” Varun Goenka, Founder & CEO of Chargeup, said in response to the difficulties facing the EV financing landscape. These concerns ultimately impede the widespread adoption of EVs by increasing non-performing assets (NPAs) and limiting loan approvals.
Chargeup’s goal
As a platform for asset management and financial services, Chargeup is making a difference by facilitating last-mile drivers’ access to fast financing and predictive asset management, thereby addressing issues related to EV ownership and income loss from low utilisation. In order to enable risk mitigation and asset management technology that lowers credit risk and boosts asset utilisation, the platform has built its intelligence on driver and battery behaviour data.
Joydeep Dutta, Vice President & Business Head of Mega Corporation, discussed the cooperation, saying, “EV finance was not a part of our portfolio as an NBFC. We had an immediate go-to-market opportunity in the EV space thanks to Chargeup’s platform play, which also gave us the technology, confidence, and speed we needed to grow quickly in an unexplored sector.”
We have switched from financing e-rickshaws to i-rickshaws after partnering with Chargeup. From digital underwriting to real-time tracking, their tech-first strategy has streamlined our operations, increased asset security, and drastically decreased non-performing assets (NPAs),” stated Nandita Monga, vice president of Shivakari Finance.
By utilising its distinct business model, Chargeup has already enabled more than 8,000 drivers to acquire EVs and raised their daily incomes, thereby promoting financial inclusion. Through a previous NBFC cooperation with Ascend, it has enabled EV disbursements totalling more than Rs 8.64 crore.
The business is creating the foundation for a scalable, long-lasting credit ecosystem with its expanding infrastructure and growing demand from lenders and fleet operators alike.