Charge Zone, a key player in India’s EV charging sector, has received a significant investment of $19 million from British International Investment (BII), the UK’s development finance institution.
This investment aims to accelerate the expansion of EV charging infrastructure across India. Charge Zone plans to roll out more than 1,500 super-charging stations for electric cars, buses, and trucks in major cities and highways over the next 18 months. This investment paves the way for Charge Zone to achieve its goal of establishing over 10,000 charging stations by 2027 and eventually building a network of one million charging points by 2030. The company has already raised a total of $54 million from various investors, indicating strong confidence in its growth prospects.
Focusing on key markets like Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bangalore, and Chennai, Charge Zone aims to meet the increasing demand for EVs. This investment marks BII’s second venture into India’s EV market, following its previous investment in Mahindra & Mahindra’s passenger EV venture in 2022. The Indian government’s ambitious target of scaling up public charging stations nine-fold by 2030 highlights the significance of investments in EV infrastructure. Led by Kartikey Hariyani, Charge Zone has established itself as a leader in the EV charging domain, boasting a network of over 3,200 charging points across 400 locations in India and the UAE. The company’s partnerships with leading OEMs and e-mobility firms such as Hyundai, Mahindra & Mahindra, Ashok Leyland, and Tata Motors, as well as collaborations with hospitality giants like Marriott and Hyatt, further strengthen its competitive position in the market.
