NEW DELHI, cKers Finance, a NBFC focused on financing sustainability and clean energy transition in India has provided a debt facility to VoltUp, a Battery-as-a-Service (BaaS) provider, offering riders with smart swappable batteries. VoltUp helps enable a quick turnaround for discharged EVs within a minute ensuring nil downtime to the users and zero hassles for all battery-related issues facilitating a unique solution to the current challenges faced by EV industry viz. range anxiety, charging time & affordability.
VoltUp has over 150 stations with 1800+ charging docks across 10 cities and 8 states. The increase in network of man-less swapping stations is achieved by building partnerships with leading Infrastructure partners like HPCL, BPCL, Adani Electricity and more along with the deployment of a distributed franchisee network.
Speaking about the debt facility from cKers, Siddharth Kabra, Founder, Voltup said: “The debt availed from cKers will augment VoltUp’s growth trajectory. We will be using this fund to increase our footprint within the markets we are presently operating in. There has been a consistent uptake on both battery swapping and demand for e-2 & e-3 wheelers with swappable battery.”
Speaking about the partnership, Deepak Gupta, Chief Business Officer at cKers said, “We are excited to have partnered with Voltup, which aims to make affordable battery swapping easily accessible to subscribers by deploying their high-end automated swapping stations. cKers has taken a leading position in financing the clean energy transition in the eSCVs (Electric Small Commercial Vehicles) segment by financing more than 10,000 EVs already, directly or indirectly, including e2Ws, e3W-loaders and eRickshaws. cKers remains bullish about the evolution of a strong EV ecosystem and the growth that it will create for the Indian economy.” cKers is a clean energy focused financier which is leveraging its understanding of the clean energy ecosystem and technology to develop credit risk underwriting frameworks for assessing viability and risk monitoring for the vehicles being deployed while offering a lower Total Cost of Ownership (TCO) and low carbon alternative to end customers. Our asset financing line for sustainability focussed EV charging eco-system operators like Voltup is customized and structured to help them scale up and helps in the faster adoption of cleaner mode of transport on Indian roads
