Chargeup, a business that swaps out batteries, has secured $2.5 million (Rs 18 crore) in a pre-Series A investment led by Capital-A and Anicut Capital. Tiger Shroff, Aman Gupta and Sameer Mehta (founders of boAt), as well as Shraddha Kapoor, took part in the funding round.
The cash will be used to expand its network to other locations and construct larger capacity to satisfy rising demand, according to the start-up.
Charge-up, founded by Varun Goenka and Ankur Madan, provides Battery as a Service, addressing the high cost issue as well as the annoyance of long charging hours through its distributed network of battery swapping hubs.