CHARGE ZONE, a leading innovator in the electric vehicle (EV) charging sector in India, has announced a significant financial boost with a $19 million investment from British International Investment (BII), the UK’s development finance institution. This funding is part of a larger initiative by the company to enhance India's EV infrastructure, supporting the country’s transition to sustainable transportation.
This new capital infusion from BII is pivotal in enabling it to expand its fast-charging network across India significantly. The company plans to establish over 1,500 super-charging stations within the next 18 months and aims to increase its portfolio to more than 10,000 charging stations by 2027. Their ambitious goal is to set up one million charging points by 2030. To date, it has raised a total of $54 million from various investors to fund these expansion plans.
CHARGE ZONE targets key urban markets including Delhi, Mumbai, Pune, Hyderabad, Bangalore, Chennai, and Ahmedabad, where the demand for robust EV charging solutions is rapidly growing. The focus will be on creating open-access hubs that will support the charging needs of commercial fleets, further promoting the adoption of electric mobility in these cities.
Kartikey Hariyani, Founder and CEO of CHARGE ZONE, remarked, 'Our partnership with British International Investment is crucial for our vision of widespread EV adoption in India. This investment not only enhances our expansion capabilities but also aligns with our commitment to a sustainable future. It acts as a catalyst for transformation, enabling us to provide top-notch charging solutions across India.'
Maheep Jain, Managing Director at Macquarie Capital and a Board Member of CHARGE ZONE, added that India’s automotive sector is transitioning towards electric mobility, supported by decreasing costs of EVs and consistent policy backing. Its development of a dense and reliable fast charging network addresses a critical bottleneck in EV adoption.
Srini Nagarajan, Managing Director and Head of Asia at BII, said, 'As part of our commitment to climate finance, our support for CHARGE ZONE is aimed at overcoming the challenges of inadequate EV charging infrastructure, making sustainable transport a practical choice for many.'
The investment from BII not only underscores CHARGE ZONE’s role as a frontrunner in India's EV charging market but also accelerates the company's growth trajectory. By providing reliable and accessible charging solutions, the company is poised to drive substantial environmental benefits and support the broader adoption of electric vehicles across India.
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