Charge Zone Raises $54 Million In Funding

Charge Zone, an electric vehicle charging network, has claimed to have secured $54 million in equity and debt funding to expand its high-speed charging network. 

The company raised $54 million in its Series A1 funding round, which includes $8 million in debt investment from Blue Orchard's infrastructure strategy. Charge Zone plans to raise between $5-100 million in equity as part of its Series A2 funding round in 2023-2024.

How Charge Zone Will Use The Funding?

The funding will be used to immediately deploy 286 charging stations, which will serve over 1,130 e-buses and e-trucks, as well as over 1,250 e-car fleets, in addition to its expansion targets. This will create at least 500 jobs directly and indirectly. 

Currently, Charge Zone has more than 3,000 charging points across over 1,500 EV charging stations in operations or construction in 37 Indian cities, covering more than 10,000 kilometres of highways.

The current Series A1 funding round is part of the planned capex investment of $300 million, as the company anticipates significant growth in the electric four-wheeler segment over the next 4-5 years. 

The company aims to set up one million charging points by 2030. Kartikey Hariyani, Founder and CEO of Charge Zone, said that the company is excited to have BlueOrchard on board as it builds supercharging networks for EVs in India and other global markets.