Vadodara Startup Charge Zone Secures $19 Million for EV Charging Expansion

Sunil Sonkar
2 Min Read
Vadodara Startup Charge Zone Secures $19 Million for EV Charging Expansion

Vadodara-based startup Charge Zone is making a significant move in building up electric vehicle (EV) infrastructure. It has lately secured an investment of $19 million from British International Investment (BII). The fresh funding is a crucial step for the company towards expanding its high-speed EV charging network across India.

Charge Zone is led by Kartikey Hariyani and under his guidance the company has swiftly emerged as a frontrunner in the EV charging space. It has successfully facilitated more than 3,200 charging points across 400 locations in India and the UAE. It is learned that the latest funding will fuel the deployment of more than 1,500 supercharging stations in a period of less than two years. It has plans to scale up to over 10,000 charging stations by 2027.

BII’s partnership will align with the long-term vision of the startup in establishing a vast network of one million charging points by 2030o. it will cater to a diverse range of 4-wheeled vehicles including cars, buses and trucks. The key markets are Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai.

Amid challenges due to COVID-19 pandemic and supply chain disruptions, the startup has reported a remarkable threefold increase in operating revenue. The figure has reached to Rs 46.93 crore by fiscal year ending March 2023.

The growth journey of Charge Zone highlights the broader momentum in India’s EV ecosystem. Other startups which are playing key roles in the market include ElectricPe, Bolt.Earth, Ather Energy, BluSmart and Magenta Power. The competition reveals increasing size of the industry that is fueled by increasing consumer demand and government initiatives in promoting clean mobility.

With sustained investments and collaborative efforts, it is believed that Charge Zone is definitely to play an important role in driving India’s EV revolution forward.

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