Chargeup, a Delhi-based electric vehicle (EV) financing and asset management platform, has entered into strategic partnerships with Mega Corporation Limited and Shivakari Finance. This collaboration aims to unlock a credit line of ₹50 crore, facilitating the deployment of 4,000 commercial EVs over the next year, primarily benefiting underserved last-mile drivers across India.
Historically, EV financing in India has posed significant risks for lenders, especially non-banking financial companies (NBFCs), due to factors like an unstructured resale market, uncertain battery performance, and borrowers with limited or no credit history. These challenges have led to higher non-performing assets (NPAs) and restricted loan approvals, hindering EV adoption at the grassroots level.
Chargeup addresses these challenges through its data-driven technology platform, which collects information on driver and battery usage to support asset management and reduce credit risk. This approach enables faster loan disbursements and improved utilization of financed assets.
Joydeep Dutta, Vice President and Business Head at Mega Corporation, noted, “As an NBFC, EV financing was not a part of our portfolio. With Chargeup’s platform play, we got an instant go-to-market opportunity into the EV domain—giving us the tech, trust, and speed to scale fast in an untapped market.” Similarly, Nandita Monga, Vice President at Shivakari Finance, stated, “After partnering with Chargeup, we have transitioned from financing e-rickshaws to i-rickshaws. With their tech-first approach, from digital underwriting to real-time tracking, they have simplified our operations, made the asset more secure, and significantly reduced the NPAs.”
To date, Chargeup has enabled EV ownership for over 8,000 drivers and disbursed over ₹8.64 crore through previous partnerships. This new initiative is set to strengthen India’s green mobility push and build a safer, more inclusive EV financing ecosystem.
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