Chargeup has entered into strategic partnerships with Credit Fair and Ascend Capital, to help facilitate 3EW financing.
Chargeup is striving to bridge the gap between energy and car finance for drivers, allowing them to easily obtain credit in underserved tier 2 and 3 cities.
The business plans to provide Rs 100 crore in rapid and secured loans in FY25, according to the press statement.
The agreement is projected to result in a cheaper total cost of ownership (TCO), according to the statement.
Varun Goenka, CEO and Co-Founder, Chargeup, said, “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 revolutionise the EV sector through innovation and collaborations, but also help us consolidate our position as an enabler of the EV revolution in India.”
Vikas Agarwal, Co-Founder and CBO, Credit Fair said, “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.”
With a focus on data-driven insights, Chargeup has positioned itself as the largest data curator in the EV industry, benefitting drivers, original equipment manufacturers (OEMs), and NBFCs alike, the press release stated.