Chargeup Joins Forces with Mega Corporation and Shivakari Finance to Unlock INR 50 Cr in EV Financing

In a move to catalyse electric vehicle (EV) adoption at scale, Chargeup has announced strategic partnerships with Mega Corporation Limited and Shivakari Finance. The collaboration aims to unlock a credit line of INR 50 crore and deploy 4,000 commercial EVs over the next year, primarily benefitting underserved last-mile drivers.

Chargeup, a platform focused on EV financing and asset management for low-income drivers, is leveraging its data-driven model to reduce credit risk and enable faster loan disbursements. This initiative marks a major shift in India’s EV lending landscape, which has historically struggled with issues like high non-performing assets (NPAs), low credit penetration, and operational inefficiencies.

“EV financing in India has historically posed high risk for lenders, especially NBFCs, due to a combination of factors: an unstructured resale market, uncertain battery performance, and borrowers with low or no credit history,” said Varun Goenka, Founder and CEO of Chargeup. “These risks often result in higher NPAs and limited loan approvals—ultimately hampering EV adoption at the grassroots level.”

Joydeep Dutta, Vice President and Business Head at Mega Corporation, stated, “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.”

Nandita Monga, Vice President at Shivakari Finance, noted, “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, disbursed over INR 8.64 crore through previous partnerships, and improved daily driver earnings. This new initiative is set to strengthen India’s green mobility push and build a safer, more inclusive EV financing ecosystem.