India-based Charge+Zone, an electric vehicle charging infrastructure company that offers EV charging services using a smart-grid infrastructure to businesses and consumers, raised USD 10 million on 6th December.
Investors: The investment round was led by Venture Catalysts. Additionally, some disclosed investors participated in the round. The startup had previously raised USD 3 million from several angel investors on 4th November. Furthermore, the startup is expected to raise USD 50 million in the next series A round.
Purpose of funding: The funds will scale up the electric vehicle charging stations. The startup is expanding its already existing setting network of over 1,000 points across 19 cities, primarily for electric buses and cars, the startup said in a statement.
About Charge+Zone
Founded in 2018 by Kartikey Hariyani, Charge+Zone is located in Vadodara, Gujrat. Charge+Zone is an electric vehicle charging infrastructure company that offers EV charging services using a smart-grid infrastructure to both businesses and consumers. The startup provides charging stations for all types of electric vehicles, including two-wheelers, three-wheelers, cars, and trucks. Additionally, it offers app-driven charging stations with a charging station management system. Furthermore, with its CHARGE+CLOUD, the business will expand to global markets and address the concerns of B2C networks with the integrated IoT platform.
What the founder has to say
“We are humbled to have Venture Catalysts backing our vision. These are very exciting times for the EV landscape and its infrastructure in India. With the FAME-II, positive government regulations and clarity on EV charging protocols, we have already commenced the distribution of AC-Type2 EV Charging network as well as intercity Fast DC charging networks for the 1,500 new points over next 150 days,” said Kartikey Hariyani, CEO and Co-founder at CHARGE+ZONE.
What the investor has to say
“Concern for the environment, health issues being caused due to air pollution and rising fuel prices are some of the primary reasons India is witnessing a conscious shift to EVs. Further, government-backing in the form of EV incentives is only going to create a northward demand for EVs. While EVs are the future of the world, there is a pressing need to have supporting infrastructure such as EV Charging Stations and Battery Swapping Facilities, in order for this transition to happen without glitches. We are confident of the growth trajectory that would be charted by CHARGE+ZONE in the near and long-term,” said Apoorva Ranjan Sharma, President, and Co-founder at Venture Catalysts.
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