Charge Zone Raises $19M to Expand EV Charging Infrastructure Across India


5/1/20242 min read

In a significant boost to India's electric vehicle (EV) ecosystem, Charge Zone, a leading provider of EV charging infrastructure, has secured $19 million in funding from British International Investment (BII), a UK development finance institution, and impact investor. This latest investment underscores growing confidence in India's transition towards sustainable transportation solutions and Charge Zone's pivotal role in driving this transformation.

The Vadodara-based startup, led by Founder and CEO Kartikey Hariyani, plans to utilize the funds to aggressively expand its high-speed charging network for electric cars, buses, and trucks across key cities in India and major highways. With the support of BII, Charge Zone aims to deploy 1,500 super-charging stations over the next 18 months, ensuring unprecedented convenience and reliability for EV drivers nationwide.

Charge Zone's strategic focus lies in markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai, where it aims to establish open-access hubs for charging, thus democratizing access to EV infrastructure. This initiative aligns with the company's broader mission to address the challenge of an underdeveloped EV charging infrastructure, foster a more sustainable transportation system, and make EVs a viable and accessible option for all.

This latest funding round comes on the heels of Charge Zone's previous successes, including a $54 million Series A1 funding round last year, led by global impact investment management firm BlueOrchard Finance. The company's impressive roster of clients includes industry giants such as Hyundai, Mahindra & Mahindra, Tata Motors, as well as renowned hospitality brands like Marriott and Hyatt.

Aurelia Marti, Investment Manager, Infrastructure at BlueOrchard, expressed enthusiasm about the partnership, stating, "We see a large and growing market for electric vehicles, driven by the need for more sustainable transportation. We look forward to working with CHARGE+ZONE to advance the electrification of transportation in India."

Looking ahead, Charge Zone remains committed to its ambitious growth trajectory, with plans to raise $75-100 million in equity as part of Series A2 during 2023-2024. This capital infusion will be instrumental in supporting the company's vision of building 3,000 high-speed DC charging stations by 2025, thereby facilitating e-mobility across various segments, including EV cars, buses, and trucks.

With over 3,000 charging points across 1,500 EV charging stations already operational or under construction in 37 Indian cities, Charge Zone has covered more than 10,000 kilometers of highways. The company's long-term objective is to establish one million charging points by 2030, further cementing its position as a key player in India's EV charging infrastructure landscape.

Commenting on the latest funding round, Kartikey Hariyani expressed his optimism about the future of EVs in India, emphasizing the crucial role that Charge Zone will play in advancing the electrification of transportation. He highlighted the company's commitment to job creation, with the Series A1 funding expected to directly and indirectly contribute to the creation of at least 500 jobs over the long term.

In partnership with investors like BII and BlueOrchard Finance, Charge Zone is poised to accelerate India's transition towards a cleaner, greener future, one electric vehicle charge at a time.