Charge Zone, an electric vehicle (EV) charging startup, has raised $19 million (Rs 158 crore) in a funding round from British International Investment (BII), the UK’s development finance institution (DFI).
With this new capital injection, Charge Zone is poised to expand its charging network for electric cars, buses and trucks across key cities and highways in India. It aims to roll out more than 1,500 super-charging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027.
Founded in 2018, Charge Zone is operated by Tecso Charge Zone Pvt. Ltd and it specialises in high-speed charging networks for electric buses/trucks and electric cars across the enterprise and the retail network on both dedicated and opportunity-based charging using smart-grid networks, according to its statement.
Based out of Vadodara, Charge Zone is currently in India and the UAE. It also aims to consolidate its presence in cities like Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai.
"This strategic investment helps our capacity for network expansion. With this infusion of capital, we will accelerate our efforts in deploying charging stations," said Kartikey Hariyani, founder and chief executive officer, Charge Zone.
In 2023, the startup had raised $54 million in a mix of equity and debt infusion in a Series A1 funding round from BlueOrchard Finance.
Prior to that, the startup had raised $10 million in a bridge funding round from early-stage investor Venture Catalysts along with other undisclosed investors.
"Our support of Charge Zone’s expansion will address the challenge of an underdeveloped EV charging infrastructure, facilitate a sustainable transportation system and make EVs a viable and accessible option for many across the country,” said Srini Nagarajan, managing director and head of Asia, BII.
Meanwhile, this is the second investment of BII in April. A few weeks ago, the impact investor co-led the $40 million Series C funding round of affordable housing lender Altum Credo. Other investors who led the round included Z3 Partners and Oikocredit.