- Received 54 million dollars in funding
- Plans to roll out 286 charging stations
Charge+Zone, an EV charging company based in Vadodara, has managed to raise funding of 54 million USD in the Series A1 investment. This funding (arranged by BlueOrchard) will finance an immediate roll-out of 286 charging stations. It will serve 1,130 electric buses and trucks as well as over 1,250 electric cars, in addition to setting up newer charging stations across the country.
The expansion, helped by the new round of funding, will reduce 5,351 tons per annum of emissions from ICE, claims the Vododara-based company. Moreover, setting up newer charging networks will generate at least 500 jobs. Charge+Zone has already established a partnership with various OEMs/eMobility/locational partnerships, including Hyundai, Mahindra, Ashok Leyland, Volvo-Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. As of March 2023, Charge+Zone has over 3,000 charging points across more than 1,500 EV charging stations which are in operation or under construction in 37 Indian cities. Moreover, the company aims to reach one million charging points by 2030.
Speaking on the occasion, Kartikey Hariyani, founder and CEO, Charge+Zone, said, “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 USD, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years.”
Moreover, Charge+Zone plans to raise 75-100 million USD in equity as part of Series A2 during FY 2023-2024.
