Chargeup has announced plans to on-board 100,000 drivers by 2027, with an extended vision to reach 1 million drivers across 30 cities within five years. This expansion focuses on enhancing the EV infrastructure, particularly in Tier 2 and Tier 3 cities, aiming to boost the adoption of clean mobility solutions at a grassroots level.
Currently operating in 13 cities, Chargeup is gearing up to significantly increase its footprint by adding 1,500 new partner stations in existing locations such as Delhi and Jaipur, while also marking its entry into four additional Tier-II and Tier-III cities across Haryana and Uttar Pradesh. This growth strategy is tailored to improve accessibility to EV charging facilities and support the ecosystem necessary for a robust EV adoption.
Varun Goenka, CEO and Co-Founder of Chargeup, reflected on the company's trajectory, stating, 'While our journey has been marked by milestones and growth, our true success lies in the impact we have had on drivers' lives. Our mission to transform the EV landscape focuses on empowering drivers with better access to credit, quicker service turnaround, and a higher standard of operational excellence.'
Despite the growing interest in EVs, several barriers hinder wider acceptance, such as high-interest rates averaging 34%, concerns over EV resale values, and the financial risks associated with battery life. Chargeup addresses these challenges through its innovative Battery as a Service (BaaS) model, which simplifies battery management by transitioning from capital expenditure to operational expenditure, thereby reducing the financial burden on drivers.
Drivers utilising Chargeup’s platform have reported a substantial 52% increase in monthly earnings, equating to an additional INR 2 lakh annually per driver. This increase is facilitated by Chargeup's advanced AI/ML-enabled data centers, which play a crucial role in enhancing driver creditworthiness through digital background verification, KYC processes, and digital underwriting techniques. This comprehensive approach not only streamlines the ownership process with longer tenure loans and lower down payments but also keeps the total cost of ownership (TCO) competitively low.
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