Electric vehicle (EV) charging infrastructure startup Charge Zone has secured a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI), and impact investor.
Charge Zone, based in Vadodara, has been rapidly expanding its network, having previously raised $54 million in its Series A1 funding round led by BlueOrchard Finance in March last year.
The company announced that it will use the new funds to expand its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. With plans to roll out more than 1,500 supercharging stations over the next 18 months, Charge Zone aims to achieve a portfolio of over 10,000 charging stations by 2027.
Under the leadership of Kartikey Hariyani, Charge Zone has become a prominent player in the EV charging space, offering super-fast charging at more than 3,200 points across over 400 locations in India and the UAE. The company has partnered with various OEMs and e-mobility companies, including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group.
This investment from BII aligns with Charge Zone’s long-term vision of creating a network of one million charging points for all 4W categories of vehicles, including cars, buses, and trucks, by 2030. The company plans to focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai.
In the rapidly growing EV charging space, Charge Zone competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.
