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Charge Zone Charges Up with $19M Boost from BII for EV Charging Network Expansion

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has committed $19 million to Charge Zone, an electric vehicle (EV) charging network.

In March last year, the Vadodara-based startup raised $54 million in its Series A1 funding round, led by BlueOrchard Finance.

Charge Zone plans to use the funds to expand its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. The company aims to roll out more than 1,500 supercharging stations over the next 18 months and have over 10,000 charging stations in its portfolio by 2027.

Founded by Kartikey Hariyani six years ago, Charge Zone currently offers super-fast EV charging at more than 3,200 points across over 400 locations in India and the UAE. The company has partnered with several OEMs and e-mobility companies, including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group.

Charge Zone stated that BII's investment is part of its long-term plan to create a network of one million charging points for all categories of 4-wheel vehicles, including cars, buses, and trucks, by 2030. The company will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai.

Charge Zone reported a nearly threefold increase in operating revenue to Rs 46.93 crore for the fiscal year ending in March 2023. However, its losses also surged twofold to Rs 9.89 crore during the same period.

In the rapidly growing EV charging space, Charge Zone competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.


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