CHARGE+ZONE, an electric vehicle charging company in India raises USD 54 million in equity and debt to expand the high-speed charging network in the country led by BlueOrchard Finance along with existing and new institutional investors.
As part of Series A1, CHARGE+ZONE has raised USD 54 million in which USD 8 million 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.
Overall, this will help achieve environmental targets to reduce emissions from internal combustion engines of diesel and petrol vehicles of 5,351 tons per annum. 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 and CEO, CHARGE+ZONE.
The Indian automotive industry is the fifth largest in the world and is expected to become the third largest by 2030. With increasing usage of EVs, the mobility sector is expected to transform to a sustainable and resource efficient one as electrification of transport is key to achieving climate goals.