EV Charging Company, Charge+Zone To Raise Investment Of $125m

An EV charging company, Charge+Zone has completed the first phase of installing 1600+ EV charging stations across 450+ locations and covering more than 15,000 km of highway across the country. 

Now the company is looking to raise $125 million in equity as part of its Series A2 round of funding. The funds will primarily be deployed to accelerate the next phase of expansion of its retail network in State and National Highway Charging infrastructure, Product R&D and strategic investment in e-mobility companies.

Commenting on the development, Kartikey Hariyani, Founder & CEO of Charge+Zone, said, “With the next phase of expansion underway, our aim is to raise a fresh round of investments that will enable us to achieve our target network size of 5,000 fast chargers on the State and National highways by 2025.”

Currently, 80% of their charging stations are Company Owned Company Operated (COCO) while the remaining are under an industry-first scheme of Dealer Owned Company Operated (DOCO) while ChargeCloud ensures their availability and functionality.

“Our high-speed supercharging network will significantly reduce charging time, enabling us to serve more than 75,000 EVs including e-buses, e-trucks, and e-cars per day, reducing carbon emissions and supporting India's carbon neutrality goal by 2070. Additionally, we will also roll out another 1000 charging stations by the end of CY 2023, focusing on selected regions and expanding nationwide”, Hariyani added. 

So far, the company has raised $54 million from investors through a combination of equity and debt.

As of March 2023, Charge+Zone has more than 3,500+ charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities and has covered more than 15,000 km of highways and aims to reach one million charging points by 2030. The company will also integrate solar and wind power generation for their charging stations wherever feasible per the electricity regulations with respect to each of the state policies.