Chargeup,Two More Join Up To Offer E-Rickshaws At Rs 90,000

The Delhi-based battery-swapping company, Chargeup has announced its collaboration with two firms including Paisalo Digital Ltd and Goenka Electric Motors (GEM). Companies said, through this collaboration, they will help E-rickshaw drivers own their vehicles at only Rs 90000 only. Chargeup said it’s for the first time when an affordable E-Rickshaw Sale across Delhi/NCR has been launched wherein EVs will be sold at a 40% lower price.

All three companies claim that (E-Rickshaw at Rs 90000 only) more than 10,000 e-rickshaw drivers stand to gain from the first-of-its-kind agreement, which will provide them with rate reduction, financing, and battery switching help.

All Chargeup battery switching stations in Delhi/NCR will make owning an EV simple as part of a pilot program. So far, about 50 e-rickshaw drivers have profited, and that number will only rise! Additionally, Chargeup has developed a financing plan that enables the drivers to borrow the cost of the vehicle at a reasonable 10 percent interest rate. Plans include expanding the service to additional cities.

The pandemic’s two-year duration has been difficult for e-rickshaw drivers. Due to a lack of money, owning and operating an e-rickshaw had become an expensive prospect for them. This is where Chargeup, Paisalo Digital, and GEM’s creative partnership saw an opportunity to change market dynamics.

“Chargeup has been assisting e-rickshaw drivers to overcome range anxiety through our simple battery switching services,” stated Varun Goenka, Co-Founder, and CEO of Chargeup. “For EV drivers and their families, we have made it possible for their operational range and earning potential to nearly double, improving their financial security and level of living. It will be the first time in the EV ecosystem that a partnership like ours with PaisaLo Digital Ltd. and Goenka Electric Motors (GEM) will make e-rickshaws accessible to drivers at cheaper prices and with straightforward financing alternatives. Chargeup advances significantly in its goal to fuel the growth of one million drivers with the help of this cooperation.”

In a pre-Series A round-headed by Capital-A and Anicut Capital, Chargeup raised USD 2.5 Million. The money will be used to enhance Chargeup’s capacity and extend its network into more cities to keep up with demand. The business also thinks that the government’s Battery Swapping Policy will hasten the adoption of electric vehicles.