CHARGE+ZONE raises $54M in Series A1 led by BlueOrchard Finance
Ahmedabad-based EV charging startup CHARGE+ZONE will use the funds to support its expansion plans for a high-speed charging network in India.
Monday March 20, 2023,
2 min Read
EV charging startuphas raised $54 million in its Series A1 funding round, comprising debt and equity 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, it raised $8 million in debt from an infrastructure strategy managed by BlueOrchard.
The Ahmedabad-based startup will use the funds to finance an immediate roll-out 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.
“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,” said Kartikey Hariyani, Founder and CEO of CHARGE+ZONE.
Founded in 2019, CHARGE+ZONE claims to be among various OEMs/e-mobility partnerships, including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group.
As of March, the company has over 3,000 charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities and aims to reach one million charging points by 2030.
“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.
CHARGE+ZONE also plans to raise $75-$100 million in equity as part of its Series A2 funding round during FY23-2024.
Edited by Suman Singh