Vadodara, March 20, 2023: CHARGE+ZONE, a leading EV charging company in India, has raised $54M in a Series A1 funding round led by BlueOrchard Finance, a member of the Schroders Group, and a leading global impact investment management firm, along with existing and new institutional investors. The funding will finance an immediate rollout of 286 charging stations serving 1,130 e-buses and e-trucks as well as over 1,250 e-car fleets, in addition to new expansion targets by CHARGE+ZONE. The company aims to build 3,000 high-speed DC charging stations by 2025 and expand its network to enable e-mobility across the fleet and personal EV segment including EV cars, buses, and trucks. CHARGE+ZONE has more than 3,000+ charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities and has covered more than 10,000 kms of highways. The company plans to raise US$75-100m in equity as part of Series A2 during 2023-2024.
“As a part of our Series A1 fundraise of US$54m (INR450 crores) of equity and debt, we are excited to have BlueOrchard to be a part of our journey to build the supercharging networks for EVs in India and other global markets. In the current phase, we aim to build 3000 high speed DC charging stations by 2025 and expand our network to enable e-mobility across the fleet and personal EV segment including EV cars, buses and trucks. The current Series A1 raise is the part of the planned capex investment of US$300million, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years.” said Kartikey Hariyani, Founder & CEO, CHARGE+ZONE.
The Indian automotive industry is the fifth largest in the world and is expected to become the third largest by 2030. With increasing usage of EVs, the mobility sector is expected to transform to a sustainable and resource efficient one as electrification of transport is key to achieving climate goals.
Aurelia Marti, Investment Manager, Infrastructure at BlueOrchard, said “We see a large and growing market for electric vehicles, driven by the need for more sustainable transportation. With its strong management team of industry and finance experts, CHARGE+ZONE is ideally positioned to capitalize on the opportunities in the Indian e-bus market. We look forward to working with CHARGE+ZONE to advance the electrification of transportation in India and contribute to the country’s climate and environmental goals."