Charge Zone, an electric vehicle (EV) charging network, has secured a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI), and an impact investor.
Previously, in March of the previous year, the Vadodara-based startup raised $54 million in its Series A1 funding round led by BlueOrchard Finance.
According to a press release from the company, Charge Zone intends to utilize the funding to expand its high-speed charging network for electric cars, buses, and trucks across major cities and highways in India. Their plans include the deployment of over 1,500 supercharging stations within the next 18 months, aiming to achieve a portfolio of more than 10,000 charging stations by 2027.
Under the leadership of Kartikey Hariyani, Charge Zone, established six years ago, offers super-fast EV charging through more than 3,200 points spanning over 400 locations in India and the UAE. The company has established partnerships with various OEMs and e-mobility firms such as Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and the Landmark Group.
Charge Zone stated that BII’s investment aligns with their long-term strategy to establish a network of one million charging points catering to all categories of 4W vehicles, including cars, buses, and trucks, by 2030. They plan to concentrate on pivotal markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai.
As per data from startup intelligence platform TheKredible, for the fiscal year concluding in March 2023, Charge Zone witnessed a nearly threefold increase in operating revenue, reaching Rs 46.93 crore. However, during the same period, their losses doubled to Rs 9.89 crore.
In the rapidly growing EV charging sector, Charge Zone faces competition from ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, and others.