EV charging startup CHARGE+ZONE raised $54 million in its Series A in mix of equity and debt, led by global impact investment manager BlueOrchard Finance where existing and new institutional investors, included debt funding of $8 million from BlueOrchard Finance.
The new funds will enable CHARGE+ZONE to immediately roll out 286 charging stations, according to a statement from the Vadodara-based startup. According to the startup, the immediate roll-out of over 250 charging stations will serve 1,130 ebuses and etrucks, as well as over 1,250 ecar fleets.
CHARGE+ZONE is a startup that provides high-speed charging networks for ebuses, etrucks, and ecars using cutting-edge technology. It specialises in B2B and B2C charging services using smart-grid networks for both dedicated and opportunity-based charging. Currently, the startup claims to have over 3,000 charging points spread across more than 1,500 EV charging stations in 37 Indian cities that are either operational or under construction.
It aims to reach 1 million charging stations by 2030. CHARGE+ZONE stated that it will increasingly integrate solar and wind power into its charging stations, where feasible based on state policies.
As the number of EVs in India grows, so does the country’s EV charging ecosystem. Though there is still a significant gap between the number of EVs and charging stations, the market entry of a large number of private players, particularly startups, has resulted in an increase in the number of charging stations. Range anxiety remains a concern among prospective EV buyers, and a dense network of charging stations can be a significant motivator for people to adopt EVs.