Chargeup Secures ₹50 Crore Credit Line to Rewire Commercial EV Financing in India

Key Highlights:

• Chargeup secured a ₹50 crore credit line with Mega Corporation and Shivakari Finance.
• Plan to deploy 4,000 commercial EVs across India in 12 months.
• Aims to solve financing issues like battery doubts and poor credit history.
• Chargeup offers data-driven risk tools for lenders using driver and battery analytics.
• Shivakari and Mega enter EV financing with Chargeup’s tech support.

Chargeup, a leading EV asset management company, has partnered with Mega Corporation Limited and Shivakari Finance to launch a credit line of INR 50 crore for electric commercial vehicle (EV) financing in India. The goal is to deploy 4,000 commercial EVs in the next 12 months, focusing on last-mile delivery drivers across the country.

Tackling EV Financing Challenges

EV financing in India has faced several roadblocks. Many traditional lenders, especially non-banking financial companies (NBFCs), hesitate to finance EVs. They worry about:

• Uncertain battery life
• Low resale value
• Borrowers with no strong credit history

These concerns often lead to higher risks and loan rejections, limiting EV adoption in key sectors like delivery and transport.

Chargeup’s Role in Risk Management

Varun Goenka, CEO of Chargeup, explained that poor battery performance and weak resale markets make EV loans risky. To address this, Chargeup offers:

• Driver and battery behavior tracking
• Digital loan processing
• Real-time data for financial partners

This tech-driven approach enables lenders to reduce non-performing assets (NPAs) and make more informed financing decisions.

What Mega Corporation Brings to the Table

For Mega Corporation Limited, this marks their entry into the EV finance market. Joydeep Dutta, Vice President of the company, shared that Chargeup’s tech and speed give them a strong base to scale quickly in this growing segment.

Shivakari Finance Expands EV Focus

Shivakari Finance is now moving from financing e-rickshaws to i-rickshaws with the help of Chargeup.
Nandita Monga, Vice President, noted that Chargeup’s platform has:

• Made operations smoother
• Made vehicle tracking easier
• Reduced loan defaults
• Growth of EV Financing in India

India’s EV market is growing fast, supported by government incentives and policies. But financing remains a major hurdle, especially for last-mile drivers who want to switch from petrol or diesel vehicles to EVs.
Chargeup has already helped over 8,000 drivers get EV loans worth more than INR 8.64 crore, in partnership with Ascend. The company continues to use data analytics to assess loan risk and improve lender confidence.

The push for commercial EVs is increasing, especially in sectors like delivery services and ride-hailing, where vehicles are used heavily. These sectors benefit more from EVs due to lower operating costs. Lenders are slowly becoming more open to EV financing as:

• Battery tech improves
• Resale options grow
• Platforms like Chargeup offer real-time insights and better risk control

Also Read: Terra Motors Launches New KYORO+ Electric Three-Wheeler in India

CMV360 Says

This partnership represents a significant step towards addressing India's EV financing gap. With improved data and technological support, more drivers can now get loans and transition to electric vehicles. This may accelerate the adoption of EVs in commercial sectors, particularly for last-mile transport.