Charge Zone, an electric vehicle (EV) charging network based in Vadodara, has received a significant boost with a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. This investment marks another milestone for the six-year-old startup, which had previously secured $54 million in its Series A1 funding round led by BlueOrchard Finance in March last year.
Charge Zone Accelerating EV Infrastructure Expansion
The latest infusion of funds will fuel Charge Zone’s ambitious plans for expanding its high-speed charging network for electric cars, buses, and trucks across critical cities and highways in India. The company aims to deploy over 1,500 supercharging stations over the next 18 months, with a vision to reach a portfolio of more than 10,000 charging stations by 2027. Led by Kartikey Hariyani, Charge Zone has already established a strong presence with over 3,200 charging points across 400 locations in India and the UAE.
The company’s success is attributed to its strategic partnerships with leading OEMs and e-mobility companies, including Hyundai, Mahindra & Mahindra, Ashok Leyland, and Tata Motors. By collaborating with hospitality giants like Marriott, Hyatt, Fortune, and Landmark Group, the company has further expanded its reach and accessibility. With a focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai, Charge Zone is poised to cater to the growing demand for EV infrastructure in urban centers and transportation hubs.
Long-Term Vision and Financial Performance
The investment from BII aligns with Charge Zone’s long-term vision of establishing a robust network of one million charging points for all categories of 4W vehicles by 2030. Despite facing challenges, including losses that surged to Rs 9.89 crore for the fiscal year that ended in March 2023, the company reported a nearly three-fold increase in operating revenue to Rs 46.93 crore during the same period. These figures underscore Charge Zone’s commitment to driving sustainable mobility solutions and its ability to scale operations amidst a rapidly evolving market landscape.
Competitive Landscape and Future Outlook
The Company faces competition from players like ElectricPe and Bolt in the rapidly growing EV charging space: Ather Energy, BluSmart, and Magenta Power. However, with strong financial backing, strategic partnerships, and a clear roadmap for expansion, Charge Zone is well-positioned to withstand its leadership position and contribute significantly to the adoption of electric vehicles in India.
