April 30, 2024: Charge Zone, a high speed public charging infrastructure development firm announced today it has secured $19 million to grow its high-speed charging presence for electric cars, buses and trucks across major cities in India and highways.
Further, the EV Charge startup stated that the investment from BII will help it roll out 1,500 super-charging stations over the next 18 months. The company has set a target of setting up 1 Million Charging Points By 2030.
“With this infusion of capital, we will accelerate our efforts in deploying state-of-the-art charging stations, ensuring that EV drivers across the nation experience unparalleled convenience and reliability,” said Kartikey Hariyani, Founder and CEO of Charge Zone (earlier known as Charge+Zone), in a press statement.
Charge Zone Sets Ambitious Target to set up 1 Million Charging Points by 2030
At the moment, the Vadodara-based company is focused on entering in markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai, where it aims to deploy open-access hubs for charging so that more people can use them.
“Our support of Charge Zone‘s expansion will address the challenge of an underdeveloped EV charging infrastructure, facilitate a more sustainable transportation system, and make EVs a viable and accessible option for many across the country,” said Srini Nagarajan, Managing Director and Head of Asia at BII.
Early last fiscal year the startup had raised $54 million in a Series A1 funding round, which attracted investments from BlueOrchard Finance. Its portfolio of customers include Hyundai, Mahindra & Mahindra, Tata Motors, Marriott, Hyatt, Fortune, and the Landmark Group, among others.
Charge Zone raised the latest round of funding from a UK development finance institution and impact investor, British International Investment.
