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CHARGEZONE raises $54 million in Series A1 Round led by BlueOrchard

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One of the largest rounds of equity and debt funding has been secured by CHARGEZONE, a Gujarat-based electric vehicle (EV) charging startup, who has received US$ 54 million as part of a Series A1 capital raise led by BlueOrchard. Over time, at least 500 employment will be created thanks to the Series A1 funding for CHARGEZONE, both directly and indirectly.

The money secured by BlueOrchard will support CHARGE+ZONE's expanded expansion goals as well as the immediate roll-out of 286 charging stations supporting 1,130 e-buses, e-trucks, and over 1250 e-car fleets. According to a press release from the firm, CHARGE+ZONE's Series A1 funding will ultimately help to create at least 500 employment, both directly and indirectly. According to the press announcement, CHARGE+ZONE intends to raise USD 75-100 million in equity as part of Series A2 between 2023 and 2024.

"We are thrilled to have BlueOrchard join us on our mission to construct the supercharging networks for EVs in India and other worldwide markets as a part of our Series A1 fundraise of USD 54 million (INR 450 crore) of equity and debt. By 2025, we want to have built 3000 high-speed DC charging stations and expanded our network to make it possible for people to use electric vehicles for personal and fleet transportation, including EV cars, buses, and trucks. Although we anticipate significant growth for the 4W e-mobility category over the next 4-5 years, the current Series A1 fundraising is a portion of the projected capex expenditure of USD 300 million, according to Kartikey Hariyani, founder and CEO of CHARGE+ZONE.

By 2030, the Indian automotive industry is projected to overtake the United States as the third-largest in the world. According to the release, the mobility sector is anticipated to change to one that is sustainable and resource-efficient as EV adoption grows because electrification of transportation is essential to reaching climate targets.

"We envision a significant and rising demand for electric vehicles, driven by the need for more environmentally friendly mobility," said Aurelia Marti, Investment Manager Infrastructure at BlueOrchard. CHARGE+ZONE is well-positioned to take advantage of the prospects in the Indian e-bus sector thanks to its solid management team of business and financial specialists. We are eager to collaborate with CHARGE+ZONE to progress India's transition to an electrified transportation system and to further the nation's environmental and climate change objectives.

An early mover in the EV space, CHARGE+ZONE has positioned itself among various OEMs/eMobility/Locational partnerships including Hyundai, Mahindra & Mahindra, AshokLeyland, VolvoEicher, Tata Motors, Marriott, Hyatt, Fortune, Landmark Group who are India’s credible players and front-runners in the EV eco-system market.

As of March 2023, CHARGE+ZONE has more than 3,000+ charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities and has covered more than 10,000 kms of highways and aims to reach one million charging points by 2030.

The company started off in 2019 with the commissioning of India’s first ever EV charging hub for 50 electric buses in Ahmedabad, Gujarat, in 2019 followed by India’s first solar-powered EV charging station in Patna in 2022 and since then, it is providing charging services to reputed companies for their fleets of electric buses and electric cars. CHARGE+ZONE will increasingly integrate solar and wind power generation for the charging stations wherever feasible, the release added.