CHARGE+ZONE, an EV charging infrastructure platform, has raised $54 million. Around 2023-2024, the business intends to raise USD 75-100 million in equity as part of Series A2.
CHARGE+ZONE, an electric car charging infrastructure network, said on Monday that it has raised USD 54 million (Rs 450 crore) in a Series A1 capital round headed by global impact investment management firm BlueOrchard Finance.
CHARGE+ZONE also announced ambitions to raise USD 75-100 million in equity as part of Series A2 between 2023 and 2024.
The current Series A1 capital round is part of a USD 300 million capex investment as the firm anticipates critical growth in the electric four-wheeler category over the next 4-5 years, according to the release.
According to the firm, the newly obtained funding, which is a combination of loan and equity, will be used to support high-speed charging network development ambitions.
According to the company, USD 8 million of the total cash obtained is in debt investment from an infrastructure plan handled by BlueOrchard.
According to the firm, the current round brings the total capital raised by the company to USD 67.5 million, including USD 13.5 million raised before.
According to the firm, as part of Series A1, CHARGE+ZONE raised USD 54 million, of which USD 8 million is debt investment from an infrastructure strategy handled by BlueOrchard.
This is one of the largest equity and debt rounds to develop the high-speed charging network, headed by BlueOrchard Finance and existing and new institutional investors.
In addition to its expanded expansion ambitions, the business stated that the money will cover an immediate rollout of 286 charging stations servicing 1,130 e-buses and e-trucks, as well as over 1,250 e-car fleets.
CHARGE+ZONE has over 3,000 charging points throughout over 1,500 EV charging stations in operation or building in 37 Indian cities as of this month, and has covered over 10,000 kilometres of roadway.
By 2030, the corporation hopes to have installed one million charging stations.
According to the firm, the Series A1 investment for CHARGE+ZONE will help directly and indirectly to the development of at least 500 employment over the long term.
