Charge+Zone has announced the completion of the first phase of installing over 1,600 charging stations across more than 450 locations, covering more than 15,000km of highway across the country.
With this milestone, it also announced plans to raise $125 million (Rs 1,030 crore) in equity as part of its Series A2 funding round.
These funds will primarily be deployed to accelerate the next phase of expansion of its retail network in State and National Highway Charging infrastructure, product R&D and strategic investment in e-mobility companies.
The company says highways and urban charging has emerged as the fastest-growing and most profitable business verticals for it over the last three quarters. Through strong partnerships with leading Indian and global electric cars and electric commercial vehicle manufacturers, it has installed fast chargers across key highways in the country ensuring a convenient accessible and seamless charging experience for electric vehicle owners.
Kartikey Hariyani, Founder & CEO, Charge+Zone said, “The completion of the first phase of our highway charging network is a testament to our vision of accelerating India’s transition to green mobility. Since our inception, our goal has been to build a robust EV charging infrastructure all across the country and we have been fortunate to have a team of investors and industry stakeholders to back us in this journey. With the next phase of expansion underway, we aim to raise a fresh round of investments that will enable us to achieve our target network size of 5,000 fast chargers on the State and National highways by 2025.”
“Our high-speed supercharging network will significantly reduce charging time, enabling us to serve more than 75,000 EVs including e-buses, e-trucks, and e-cars per day, reducing carbon emissions and supporting India’s carbon neutrality goal by 2070. Additionally, we will also roll out another 1,000 charging stations by the end of 2023, focusing on selected regions and expanding nationwide”, he added.
At present, 80% of their charging stations are Company Owned Company Operated (COCO) while the remaining are under an industry-first scheme of Dealer Owned Company Operated (DOCO) while ChargeCloud ensures their availability and functionality.
Till date, it has raised $54 million (Rs 445 crore) from investors through a combination of equity and debt. It has established partnerships with companies like Audi, Hyundai Motor India, Mahindra & Mahindra, Ashok Leyland, Volvo-Eicher, Tata Motors, BluSmart, SnapE, Everest Fleet.
As of March 2023, Charge+Zone has more than 3,500 charging points, 1,500+ EV charging stations in operations or construction in 37 Indian cities and has covered more than 15,000km of highways and aims to reach one million charging points by 2030.
