Battery-swapping firm Charge up, is facilitating E-rickshaw drivers own their dream vehicle at only INR 90,000 in partnership with with Paisalo Digital Ltd and Goenka Electric Motors (GEM) they are offering drivers to loan the vehicle cost at an affordable 10% interest rate.
The first-of-its-kind alliance will potentially become a game changer for more than 10,000 e-rickshaw drivers as they will benefit from rate reduction, financing and battery swapping support.
The two years of pandemic have been hard on e-rickshaw drivers. Owning and operating an e-rickshaw had become a costly proposition for them due to lack of funds. That is where this innovative association between Chargeup, Paisalo Digital and GEM will come as an opportunity for them and create a breakthrough in the EV market
“ We expect a large number of e-rickshaw drivers as well as other youth looking for sustainable income options to avail of this scheme.” said Varun Goenka, Co-Founder and CEO, Chargeup
Rajeev Seth, VP of Paisalo informed that he hopes e-rickshaw drivers will be able to come forward and take advantage of the scheme and purchase their dream vehicle putting the hardships they suffered during the pandemic behind. "Our collaboration with GEM and Chargeup will enable faster adoption of EVs with 50% reduction in down payment and EMIs.” He further added
Chargeup raised USD 2.5 million in pre-Series A round led by Capital-A and Anicut Capital. The funding is being used for the expansion of Chargeup’s network to new cities and building larger capacities to meet the growing demand. The company also believes that the government’s Battery Swapping Policy will act as a catalyst for faster adoption of EVs.