CHARGE+ZONE raises $54M funding as part of series A1 round led by BlueOrchard

CHARGE+ZONE, an EV charging company in India, raises one of the largest rounds in equity and debt to expand the high speed charging network in the country led by BlueOrchard Finance, a member of the Schroders Group and a leading global impact investment management firm along with existing and new institutional investors.  As part of Series A1, CHARGE+ZONE has raised $54M in which $8M is debt investment from an infrastructure strategy managed by Blue Orchard.

The funding arranged by BlueOrchard will finance an immediate roll-out of 286 charging stations serving 1,130 e-buses and e-trucks as well as over 1250 e-car fleets in addition to new expansion targets by CHARGE+ZONE, a company statement said. Over the long-term, the Series A1 funding for CHARGE+ZONE will contribute directly and indirectly to the creation of at least 500 jobs.

“As a part of our Series A1 fundraise of US$54m (INR450 crores) of equity and debt, we are excited to have BlueOrchard to 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 the part of the planned capex investment of US$300million, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years.” said Kartikey Hariyani, Founder & CEO, CHARGE+ZONE.

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.” 

Additionally, CHARGE+ZONE plans to raise US$75-100m in equity as part of Series A2 during 2023-2024.