Electric vehicle charging infra platform CHARGE+ZONE on Monday announced raising $54 million (Rs 450 crore) in Series A1 funding round led by global impact investment management firm BlueOrchard Finance. Additionally, the company plans to raise $75-100 million in equity as part of Series A2 during 2023-2024, CHARGE+ZONE said in a statement.<\/p>\n
The current Series A1 funding round is part of the planned capex investment of $300 million, as the company expects crucial growth for the electric four-wheeler segment over the next 4-5 years, the statement said.<\/p>\n
The freshly raised capital, which is a combination of both debt and equity, will be utilised to support high-speed charging network expansion plans, the company said.<\/p>\n
Of the total funds raised, $8 million is in debt investment from an infrastructure strategy managed by BlueOrchard, it said.<\/p>\n
With the latest round, the total capital raised by the company stands at $67.5 million, including $13.5 million mopped up earlier, it stated.<\/p>\n
“As part of Series A1, CHARGE+ZONE has raised $54 million in which $8 million is debt investment from an infrastructure strategy managed by BlueOrchard,” the company said.<\/p>\n
This is one of the largest rounds, which is in equity and debt to expand the high-speed charging network led by BlueOrchard Finance along with existing and new institutional investors, it added.<\/p>\n
“In the current phase, we aim to build 3,000 high-speed DC charging stations by 2025 and expand our network to enable e-mobility across the fleet and personal EV segment including EV cars, buses and trucks,” said Kartikey Hariyani, founder and CEO of CHARGE+ZONE.<\/p>\n
The company said the funding will finance an immediate rollout of 286 charging stations serving 1,130 e-buses and e-trucks as well as over 1,250 e-car fleets in addition to its new expansion targets.<\/p>\n
As of this month, CHARGE+ZONE has more than 3,000 charging points across over 1,500 EV charging stations in operations or construction in 37 Indian cities and has covered more than 10,000 kilometres of highways.<\/p>\n
The company is looking to set up one million charging points by 2030.<\/p>\n
“We see a large and growing market for electric vehicles, driven by the need for more sustainable transportation. We look forward to working with CHARGE+ZONE to advance the electrification of transportation in India,” said Aurelia Marti, Investment Manager, Infrastructure at BlueOrchard.<\/p>\n
Over the long-term, the Series A1 funding for CHARGE+ZONE will contribute directly and indirectly to the creation of at least 500 jobs, the company claimed.<\/p>\n","protected":false},"excerpt":{"rendered":"
Electric vehicle charging infra platform CHARGE+ZONE on Monday announced raising $54 million (Rs 450 crore) in Series A1 funding round led by global impact investment management firm BlueOrchard Finance. Additionally, the company plans to raise $75-100 million in equity as part of Series A2 during 2023-2024, CHARGE+ZONE said in a statement. The current Series A1 funding round is part of the planned capex investment of $300 million, as the company expects crucial growth for the electric four-wheeler segment over the next 4-5 years, the statement said. The freshly raised capital, which is a combination of both debt and equity, will […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-565690","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/565690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=565690"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/565690\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=565690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=565690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=565690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}