EV charging infra startup Charge Zone raises $19M
Founded in 2019, Charge Zone is a charging infrastructure company that powers electric buses, trucks and cars, across B2B and B2C networks.
EV startup Charge Zone on Tuesday raised $19 million from a UK development finance institution and impact investor, British International Investment.
The charging infrastructure company said it will use the funds to expand its high-speed charging network for electric cars, buses and trucks across main cities in India and highways. It added that the investment from BII will help it roll out 1,500 super-charging stations over the next 18 months.
"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 ), in a press statement.
The startup hopes to have at least 10,000 charging stations in its portfolio by 2027, it said.
Currently, the Vadodara-based company is focused on expanding 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.
The startup had, last year, raised $54 million in a Series A1 funding round, which saw investments from BlueOrchard Finance.
Its clients include Hyundai, Mahindra & Mahindra, Tata Motors, Marriott, Hyatt, Fortune, and the Landmark Group, among others.
Edited by Affirunisa Kankudti