EV charging startup, Charge Zone, has raised $54 million in its latest Series A1 funding round. The Ahmedabad based company plans to use the funds to finance an immediate rollout of 286 charging stations, serving 1,130 e-buses and e-trucks, and over 1,250 e-car fleets.
Over the long term, this funding will create at least 500 direct and indirect jobs. Charge+Zone has a bigger vision, and as Kartikey Hariyani, the founder and CEO of Charge+Zone, explains, “In the current phase, we aim to build 3,000 high-speed DC charging stations by 2025 and expand our network to enable e-mobility across the fleet and personal EV segment, including EV cars, buses, and trucks. The current Series A1 raise is part of the planned capex investment of $300 million as we foresee crucial growth for the four-wheeler e-mobility segment over the next 4-5 years.”
Charge+Zone is a relatively new entrant in the EV charging market, having been founded in 2019. Despite being a new player, the company claims to have partnered with various OEMs and e-mobility companies, including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. As of March 2023, the company has over 3,000 charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities. The company aims to reach one million charging points by 2030.
Charge Zone poised to expand market share in the Indian e-bus Market
“With its strong management team of industry and finance experts, Charge+Zone is ideally positioned to capitalize on the opportunities in the Indian e-bus market,” said Aurelia Marti, Investment Manager, Infrastructure at BlueOrchard. The company’s ambitious plans and robust partnerships have clearly impressed its investors.
Charge+Zone’s successful Series A1 funding round is a testament to the growing interest in India’s EV market. According to a report by McKinsey.
The funding comprises of debt and equity and was led by BlueOrchard Finance, a member of the Schroders Group, and a global impact investment management firm, along with existing and new institutional investors. As part of the funding, Charge+Zone also secured $8 million in debt from an infrastructure strategy managed by BlueOrchard.