Gujarat-based electric vehicle charging startup CHARGE+ZONE has raised $54 million in a Series A1 in equity and debt BlueOrchard Finance along with existing and new institutional investors.
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The company also plans to raise another $5-100 million in equity in its Series A2 round in the coming year.
The raised capital would help CHARGE+ZONE finance an immediate roll-out of 286 charging stations serving 1,130 e-buses and e-trucks and over 1250 e-car fleets in addition to new expansion targets by CHARGE+ZONE, the company said.
The company said that the capital will help achieve environmental targets to reduce emissions from internal combustion engines of diesel and petrol vehicles of 5,351 tons per annum. It also said that this would help in the creation of at least 500 jobs.
“As a part of our Series A1 fundraise of US$54m (INR450 crores) of equity and debt, we are excited to have BlueOrchard to be a part of our journey to build the supercharging networks for EVs in India and other global markets. In the current phase, we aim to build 3000 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. The current Series A1 raise is the part of the planned capex investment of US$300million, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years.” said Kartikey Hariyani, Founder and CEO, CHARGE+ZONE.
CHARGE+ZONE claims that it currently 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.
Source @Indianstartupnews
