CHARGE+ZONE, an electric vehicle charging company, announced on Monday that it has raised $54 million in equity and debt to expand its high-speed charging network.
As part of Series A1, CHARGE+ZONE has raised $54 million, of which $8 million is debt investment from an infrastructure strategy managed by Blue Orchard.
Additionally, the company plans to raise $5-100 million in equity as part of Series A2 during 2023-2024, it said in a statement.
The company said the funding will finance the immediate rollout of the 286 charging station Apart from its new expansion targets, it is serving a fleet of over 1,250 e-cars along with 1,130 e-buses and e-trucks. It will contribute directly and indirectly to the creation of at least 500 jobs.
Currently, CHARGE+ZONE has over 3,000 charging points with over 1,500 EV charging stations in operation or construction across 37 Indian cities and has covered over 10,000 km of highways.
Kartikeya Hariyani, Founder & CEO, CHARGE+ZONE, said the current Series A1 funding round is part of a planned capex investment of USD 300 million, as the company expects the electric four-wheeler segment to witness significant growth over the next 4-5 years . ,
The company is planning to set up 1 million charging points by 2030.
“As a part of our Series A1 fundraising of US$54m (INR450 crore) of equity and debt, we are excited to have BlueOrchard to be a part of our journey to build supercharging networks for EVs in India and other global markets Are. In the current phase, we aim to build 3000 high speed DC charging stations by 2025 and expand our network to enable e-mobility across fleet and individual EV segments including EV cars, buses and trucks. The enhancement to the existing Series A1 is part of a planned capex investment of US$ 300 million, as we expect the 4W e-mobility segment to witness significant growth over the next 4-5 years. ,
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