CHARGE+ZONE, a leading India-based electric vehicle charging company has raised $54 million (Rs 450 crore) in an equity and debt Series A1 funding round to support high-speed charging network expansion plans.
Founded in 2019, CHARGE+ZONE is a leading tech-driven EV Charging Networks company specializing in high-speed charging networks for electric buses/trucks and electric cars across the enterprise and the retail network on both dedicated and opportunity-based charging using smart-grid networks.
The startup has more than 3,000 charging points in operation and the construction of more than 1,500 electric vehicle charging stations in 37 cities in India, covering more than 10,000 kilometres of highways. It plans to build 1 million charging points by 2030.
The current Series A1 round is part of a planned $300 million capex investment. The statement said that the company expects the electric four-wheeler segment to experience critical growth over the next 4-5 years.
With the new funding, the company plans to expand the high-speed charging network. In addition to new expansion goals, the funding will finance an immediate rollout of 286 charging stations serving a fleet of 1,130 electric buses and trucks and a fleet of more than 1,250 electric vehicles, the company said.
The round was led by global impact investment management firm BlueOrchard Finance with $8 million in debt investments. Including the new round, the total capital raised by the company now stands at $67.5 million, including an earlier $13.5 million.