Charge+Zone raises $54 million for EV charging infrastructure platform
- ByStartupStory | March 20, 2023
CHARGE+ZONE, an Charge, announced that it had raised $54 million (approximately Rs. 450 crore) in a Series A1 funding round. The funding round was led by BlueOrchard Finance, a global impact investment management firm.
In addition, the company intends to raise $75-100 million in equity as part of its Series A2 during 2023-2024.
The current funding round is part of a planned capital expenditure investment of $300 million, as the company anticipates significant growth in the electric four-wheeler sector over the next 4-5 years.
CHARGE+ZONE stated that the recently raised capital, which comprises both equity and debt, will be used to aid the expansion of its high-speed charging network.
According to the company, a portion of the total funds raised, $8 million, is in the form of a debt investment from an infrastructure strategy managed by BlueOrchard.
CHARGE+ZONE reported that it has raised a total of $67.5 million, including the $54 million raised in the recent Series A1 funding round and the $13.5 million raised earlier.
The company stated that “this is one of the most substantial rounds of equity and debt funding to expand its high-speed charging network”. BlueOrchard Finance, along with new and existing institutional investors, led the funding round.
CHARGE+ZONE also mentioned that a debt investment of $8 million came from an infrastructure strategy managed by BlueOrchard as part of Series A1.
Kartikey Hariyani, founder and CEO of CHARGE+ZONE, stated that “the company’s goal is to construct 3,000 high-speed DC charging stations by 2025 and expand its network to include electric cars, buses, and trucks”.
The recently acquired funding will be used to immediately launch 286 charging stations, providing charging services to 1,130 e-buses and e-trucks, as well as over 1,250 e-car fleets, in addition to the company’s new expansion goals.
As of this month, CHARGE+ZONE has constructed or is constructing over 1,500 EV charging stations, comprising more than 3,000 charging points in 37 Indian cities, covering over 10,000 kilometres of highways.
The company aims to set up one million charging points by 2030.
Aurelia Marti, the Investment Manager for Infrastructure at BlueOrchard, stated that “the demand for sustainable transportation is fueling the expansion of the electric vehicle market, which the company is excited to be a part of through its collaboration with CHARGE+ZONE”.
The company’s Series A1 funding will create at least 500 jobs both directly and indirectly in the long term, according to CHARGE+ZONE.
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