India, Jan. 22 -- EV startup Chargeup, which offers battery-as-a-service solutions (BaaS), has raised INR 22 Cr ($2.4 Mn) in a fresh funding round led by IAN Group, with participation from Capital A and existing investors.

The fresh funds will support Chargeup to expand into 'high-demand' markets and bolster its technology platform for drivers and NBFCs, while a portion of the capital will be allocated to scale operations, the startup said in a statement.

Founded in 2019 by Varun Goenka and Ankur Madan, Chargeup currently operates 200+ swap stations in the Delhi-NCR region, clocking 1 Lakh+ battery swaps per month. It claims to have onboarded over 10,000 EV drivers and is on route to add 20,000 more by FY27.

The startup had last raised...