Funding Alert

Charge Zone Secures $19 Million Investment to Expand EV Charging Network in India

• ByStartupStory     |    May 1, 2024

Vadodara-based startup Charge Zone announced on Tuesday that it has successfully raised $19 million in funding from British International Investment (BII), a UK development finance institution and impact investor. This investment will be pivotal in fueling the expansion of Charge Zone’s high-speed charging infrastructure for electric vehicles (EVs) across major Indian cities and highways.

The company plans to utilize the funds to establish 1,500 super-charging stations within the next 18 months, significantly enhancing convenience and reliability for EV drivers nationwide. Kartikey Hariyani, Founder and CEO of Charge Zone (previously known as Charge+Zone), expressed enthusiasm about the company’s accelerated growth trajectory, stating, “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.”

Charge Zone has set ambitious goals, aiming to expand its portfolio to at least 10,000 charging stations by 2027. Currently, the startup is focusing its expansion efforts in key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai, where it aims to deploy open-access charging hubs to facilitate broader usage.

Srini Nagarajan, Managing Director and Head of Asia at BII, emphasized the significance of supporting Charge Zone’s expansion, stating, “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.”

Charge Zone previously secured $54 million in a Series A1 funding round last year, with investments from BlueOrchard Finance. The startup’s client base includes prominent names such as Hyundai, Mahindra & Mahindra, Tata Motors, as well as hospitality giants like Marriott and Hyatt, among others. This latest investment underscores the growing momentum of India’s EV ecosystem and the increasing commitment to sustainable mobility solutions.

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