EV Charging Startup CHARGE+ZONE raises $10 million
- ByTejika Bajaj | December 7, 2021
The EV charging startup CHARGE+ZONE recently announced that it has raised a cumulative sum of $10 million in its bridge round of funding led by integrated incubator and accelerator Venture Catalyst.
The startup aims to utilize the recently infused funds to amp up its pre-existing charging network of 1000 points across 19 cities largely for electric buses and cars. The EV based startup also aims to raise $50 million in its Series A round of funding in 2022.
Talking about the recent infusion of capital by venture capitalist, the co-founder and CEO of CHARGE+ZONE, Kartikey Hariyani said, “We are humbled to have Venture Catalysts backing our vision. These are very exciting times for the EV landscape and its infrastructure in India. With the FAME-II, positive government regulations and clarity on EV charging protocols, we have already commenced the distribution of AC-Type2 EV Charging network as well as intercity Fast DC charging networks for the 1,500 new points over next 150 days.”
Founded by Kartikey Hariyani and Rupesh Shah, CHARGE+ZONE are an electric vehicle startup that provides free and reliable charging services to all kinds of EVs. CHARGE+ZONE has app-driven unmanned charging stations that boast of Original Equipment Manufacturer (OEM) Agnostic Charging Network and charging station management system. This makes the charging, seamless and efficient for the customers.
Expressing his views on the recent round of funding, the President and Co-founder of Venture Catalyst, Apoorva Ranjan Sharma stated, “Concern for the environment, health issues being caused due to air pollution and rising fuel prices are some of the primary reasons India is witnessing a conscious shift to EVs. Further, government-backing in the form of EV incentives is only going to create a northward demand for EVs. While EVs are the future of the world, there is a pressing need to have supporting infrastructure such as EV Charging Stations and Battery Swapping Facilities, in order for this transition to happen without glitches. We are confident of the growth trajectory that would be charted by CHARGE+ZONE in the near and long-term.”
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