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Electric vehicle (EV) charging network Charge Zone announced that it has raised USD 19 million from a UK development finance institution and impact investor, British International Investment.
It raised USD 54 million in March of last year in its Series A1 funding round led by BlueOrchard Finance.
According to the official release, Charge Zone will use the funds for the expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027.
Kartikey Hariyani, Founder and CEO of Charge Zone (earlier known as Charge+Zone), said, “With this infusion of capital, we will accelerate our efforts in deploying state-of-the-art charging stations, ensuring that EV drivers across the nation experience unparalleled convenience and reliability.”
Launched in 2018 by Kartikey Hariyani, Charge Zone is a tech-driven EV charging infrastructure company specialising in B2B and B2C charging services using smart grid networks.
The platform claims that it provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and the UAE.
Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group are just a few of the OEMs and e-mobility companies with which the company has partnerships.
The firm is currently concentrating on growing in markets like Chennai, Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Ahmedabad. In these locations, it plans to install open-access hubs for charging in order to increase the number of users who may utilise them.
“Our support of Charge Zone’s expansion will address the challenge of an underdeveloped EV charging infrastructure, facilitate a more sustainable transportation system, and make EVs a viable and accessible option for many across the country,” said Srini Nagarajan, Managing Director and Head of Asia at BII.
