CHARGE+ZONE, a prominent EV charging company in India, has secured one of the largest funding rounds in equity and debt to expand its high-speed charging network across the country. The funding was led by BlueOrchard Finance, a member of the Schroders Group, and a global impact investment management firm, along with other institutional investors, both existing and new. This investment will aid in the expansion of CHARGE+ZONE’s network and create its position in the market.
About the CHARGE+ZONE Fund Raiser
The company raised a total of $54M, out of which $8M was obtained through debt investment from an infrastructure strategy managed by Blue Orchard. Moreover, CHARGE+ZONE plans to bring US$75-100m up in value as a feature of Series A2 during 2023-2024. The current A1 series of fundraisers are part of a planned investment of $ 300 million. The targets of this series will be accomplished as the company progress in the mobility sector in the next 4-5 years.
Targets to be accomplished by CHARGE+ZONE
CHARGE+ZONE has aimed to expand its network. And the funding will be arranged from the BlueOrchard. The BlueOrchard will be utilized the funds in the immediate rollout of 286 charging stations for 1,130 e-buses, e-trucks, and e-car fleets. Overall, this will contribute to the achievement of environmental targets for lowering annual emissions from diesel and gasoline internal combustion engines by 5,351 tons. Over the long term, the A1 Series of fundraising will contribute to creating at least 500 jobs.
Goals Achieved by CHARGE+ZONE in India
CHARGE+ZONE is among the first companies to enter the electric vehicle (EV) market. It has established itself among various OEMs, eMobility partners, and local partnerships in India. In 37 Indian cities, CHARGE+ZONE has more than 1,500 EV charging stations in operation or under construction as of March 2023. And this brand has aimed to have one million charging stations by 2030. The company began operations in 2019 with the commissioning of India’s first-ever EV charging hub for 50 electric buses in Ahmedabad, Gujarat. The company has been providing charging services to well-known businesses for the fleets of electric buses and electric cars they own.
Official statement
Kartikey Hariyani, Founder & CEO, CHARGE+ZONE said, “As a part of our Series A1 fundraising of US$54m (INR450 crores) of equity and debt, we are excited to have BlueOrchard be a part of our journey to build the supercharging networks for EVs in India and other global markets. In the current phase, we aim to build 3000 high-speed DC charging stations by 2025 and expand our network to enable e-mobility across the fleet and personal EV segment including EV cars, buses, and trucks. The current Series A1 raise is part of the planned capex investment of US$ 300 million, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years.”
Aurelia Marti, Investment Manager, Infrastructure at BlueOrchard, said “We see a large and growing market for electric vehicles, driven by the need for more sustainable transportation. With its strong management team of industry and finance experts, CHARGE+ZONE is ideally positioned to capitalize on the opportunities in the Indian e-bus market. We look forward to working with CHARGE+ZONE to advance the electrification of transportation in India and contribute to the country’s climate and environmental goals.”