CHARGE+ZONE looking to raise $125M for expansion

CHARGE+ZONE, an EV charging company in India, has completed the first phase of its highway EV charging network deployment. The company said that it has installed over 1,600 EV charging stations across 450 locations, covering more than 15,000 km of highways throughout the country. This has propelled CHARGE+ZONE to announce its plans to raise $125 million in equity as part of its Series A2 funding round. To date, CHARGE+ZONE has raised $54 million from investors through a combination of equity and debt.

The funds raised will be primarily utilized for the expansion of the company’s retail network in State and National Highway Charging infrastructure, invest in product research and development, and make strategic investments in e-mobility companies. The company statement said that it has established strong mobility partnerships with leading Indian and global electric car, bus, and truck manufacturers.

Kartikey Hariyani, the Founder & CEO of CHARGE+ZONE, expressed his satisfaction with completing the first phase of the highway charging network and emphasized the company’s vision to accelerate India’s transition to green mobility. The upcoming phase of expansion aims to achieve a target network size of 5,000 fast chargers on State and National highways by 2025. “This will enable CHARGE+ZONE to serve over 75,000 EVs per day”, said Kartikey.

Currently, 80% of the charging stations are Company Owned Company Operated (COCO), while the remaining stations operate under a Dealer Owned Company Operated (DOCO) scheme. The company said that it plans to integrate solar and wind power generation for its charging stations wherever feasible, in accordance with the electricity regulations and state policies.

Also Read: Enabling EV Charger Roaming in India