Have you ever wondered how delivery drivers and ride-share workers can afford expensive electric vehicles when banks often reject their loan applications? A major breakthrough announced Wednesday in New Delhi promises to change this reality completely, according to YourStory.
Revolutionary Partnership Transforms EV Access
Chargeup, an innovative electric vehicle financing platform, has joined forces with Mega Corporation Ltd and Shivakari Finance to create something unprecedented in India’s transportation sector. Together, they will distribute Rs 50 crore specifically for commercial electric vehicle purchases over the next twelve months.
| Traditional Bank Financing | Chargeup’s New Solution |
| Requires high credit scores that gig workers rarely have | Works without credit scores, focusing on earning potential instead |
| Takes weeks or months for approval | Provides approval within four hours through app-based system |
| Complex paperwork and multiple bank visits | Dealers upload documents directly through Chargeup app |
Smart Technology Prevents Vehicle Breakdowns
The most fascinating aspect involves tiny Internet-connected devices attached to every vehicle’s battery. These IoT sensors constantly monitor battery health like a doctor checking a patient’s vital signs.
- Voltage monitoring: Tracks electrical flow to prevent battery damage from overcharging or undercharging
- Temperature control: Sends alerts when batteries get too hot, preventing dangerous overheating situations
- Charging status updates: Shows drivers exactly how much battery life remains and optimal charging times
- Predictive maintenance: Warns about potential problems before vehicles break down, keeping drivers earning money
According to HashStudioz Technologies and Bongo IoT, these systems evaluate State of Charge and State of Health measurements, ensuring batteries last longer and perform better.
Proven Success and Ambitious Goals
Chargeup has already equipped 8,000 drivers with electric vehicles and previously helped distribute over Rs 8.64 crore in vehicle financing. CEO Varun Goenka explained their mission: making electric vehicle transition accessible, easy, faster, and cheaper for drivers.
The partnership aims to deploy 4,000 additional commercial electric vehicles within twelve months. This represents a significant acceleration in India’s transition toward cleaner transportation, particularly benefiting gig workers who form the backbone of delivery and ride-sharing services.
