Charge Zone Accelerates EV Charging Network Expansion with $19 Million Investment

Preeti Bali / 12:40 pm / May 3, 2024

Electric vehicle (EV) charging network Charge Zone has secured a significant investment of $19 million from British International Investment (BII), the UK’s development finance institution dedicated to fostering positive impact. This funding boost comes on top of the $54 million the Vadodara-based startup raised in its Series A1 round last year, led by BlueOrchard Finance.

Fueling Expansion Across India

Charge Zone plans to utilize the fresh capital to significantly expand its high-speed charging network in India. The company aims to establish over 1,500 supercharging stations within the next 18 months, significantly bolstering its existing network of over 3,200 points across more than 400 locations in India and the UAE. This ambitious expansion plan targets key cities and highways, catering to electric cars, buses, and trucks. By 2027, Charge Zone aspires to have a robust portfolio exceeding 10,000 charging stations, propelling its position as a leader in the Indian EV charging landscape.

Long-Term Vision: A Million Charging Points by 2030

Led by Kartikey Hariyani, Charge Zone boasts a proven track record of providing super-fast EV charging solutions. The company enjoys strong partnerships with leading Original Equipment Manufacturers (OEMs) and e-mobility players like Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, and hospitality giants such as Marriott, Hyatt, Fortune, and Landmark Group.

This recent investment aligns with Charge Zone’s long-term vision of creating a comprehensive network of one million charging points by 2030. This ambitious goal encompasses all four-wheeled vehicle categories, including cars, buses, and trucks. The company strategically plans to prioritize key markets like Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai, ensuring widespread accessibility for EV users across India.

Financial Performance and Competitive Landscape

While Charge Zone witnessed a promising near threefold jump in operating revenue to Rs 46.93 crore for the fiscal year ending March 2023 (as per data from TheKredible, a startup data intelligence platform), it’s worth noting that losses also doubled to Rs 9.89 crore during the same period. Charge Zone operates in a rapidly evolving space, facing competition from other established players like ElectricPe, Bolt.Earth, Ather Energy, BluSmart, and Magenta Power. This investment is expected to empower Charge Zone to solidify its position and accelerate its growth trajectory in the Indian EV charging market.

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