Chargeup, a Delhi-based driver platform specializing in EV financing and asset management, has announced strategic partnerships with Mega Corporation Limited and Shivakari Finance to establish a combined credit line of ₹50 crore for commercial electric vehicle (EV) financing. The collaboration aims to deploy 4,000 commercial EVs over the next 12 months, primarily targeting underserved last-mile drivers across India.
Addressing EV Financing Challenges
Historically, EV financing in India has faced significant hurdles. Traditional lenders, especially non-banking financial companies (NBFCs), have been reluctant to finance commercial EVs due to concerns over battery performance, uncertain resale values, and limited credit histories of borrowers. These challenges have resulted in higher non-performing assets (NPAs) and restricted access to loans, slowing EV adoption at the grassroots level.
Varun Goenka, Founder and CEO of Chargeup, noted that these risks often result in higher NPAs and limited loan approvals, hampering the transition to electric mobility for low-income and first-time driver-owners. The new partnership leverages Chargeup’s data-driven platform, which uses driver and battery behavior analytics to mitigate credit risk and improve asset utilization, enabling faster and safer loan disbursements.
Technology-Driven Solutions for Lenders
Chargeup’s platform provides digital underwriting and real-time tracking services to financial institutions, helping them make informed lending decisions. By integrating asset management technology and predictive analytics, the company addresses operational inefficiencies and reduces the risk of defaults. To date, Chargeup has enabled EV ownership for over 8,000 drivers and facilitated more than ₹8.64 crore in EV disbursements through previous partnerships.
Partners’ Perspectives
For Mega Corporation, this partnership marks its entry into the EV financing sector. Joydeep Dutta, Vice President and Business Head at Mega Corporation, highlighted that Chargeup’s technology offers an instant go-to-market opportunity, providing the trust and speed needed to scale in an untapped market.
Shivakari Finance, which previously focused on e-rickshaw financing, has expanded to i-rickshaw financing through this collaboration. Nandita Monga, Vice President at Shivakari Finance, emphasized that Chargeup’s tech-first approach has simplified operations, enhanced asset security, and significantly reduced NPAs.
Impact on India’s Clean Mobility Push
The partnership is expected to catalyze EV adoption in India’s commercial vehicle segment, particularly for last-mile delivery and passenger transport. As the government continues to promote clean mobility through policy support and subsidies, access to structured and scalable EV financing remains critical for widespread adoption.
By unlocking a ₹50 crore credit line and deploying 4,000 commercial EVs, Chargeup and its partners are contributing to a more inclusive and sustainable EV financing ecosystem. The initiative is set to benefit thousands of drivers, improve daily earnings, and support India’s broader green mobility goals.
