Vadodara-based EV charging network Charge Zone has secured a commitment of $19 million from British International Investment (BII), a development finance institution and impact investor based in the UK.
In March 2023, the startup raised $54 million in its Series A1 funding round led by BlueOrchard Finance.
According to the company’s press release, it intends to use the funds to expand its high-speed charging infrastructure for EVs, including cars, buses, and trucks, across major cities and highways in India.
Charge Zone plans to deploy over 1,500 supercharging stations within the next 18 months. Also, it aims to achieve a portfolio of over 10,000 charging stations by 2027.
Expansion of EV Infrastructure
Established in 2018, Charge Zone is an EV charging infrastructure company driven by state-of-the-art technology. Moreover, it focuses on offering charging services for both B2B and B2C through smart grid networks.
The startup delivers rapid EV charging with 3,200+ points spanning more than 400 sites in India and the UAE. Additionally, the company has partnered with various OEMs and e-mobility firms, including Hyundai, Ashok Leyland, Tata Motors, Marriott, and Hyatt.
Kartikey Hariyani, Founder and CEO of Charge Zone, said:
With this infusion of capital, we will accelerate our efforts in deploying state-of-the-art charging stations. It will ensure that EV drivers across the nation experience unparalleled convenience and reliability.
Charge Zone aims to establish a network of one million charging points with the help of BII investment. The long-term vision is to cater to all categories of 4W vehicles, including cars, buses, and trucks, by 2030. Furthermore, the company will focus on major cities such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai.
Srini Nagarajan, Managing Director and Head of Asia at BII, stated:
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.
According to a data platform, the company witnessed a nearly threefold increase in its operating revenue, reaching Rs 46.93 crore for the fiscal year ending in March 2023. However, its losses during the same period doubled, rising to Rs 9.89 crore.
Wrapping Up
The funding from BII will enhance Charge Zone’s growth and strengthen its position as a leading player in the EV industry. By offering reliable and accessible charging infrastructure, Charge Zone will drive a shift and establish the groundwork for a cleaner, more sustainable future.
