The funding will assist Charge+Zone in amping up its already existing charging network of over 1000 points across 19-cities largely for Electric Buses and cars.
Venture Catalysts, India’s first and largest integrated incubator and accelerator, has invested an undisclosed amount in the bridge round of CHARGE+ZONE, an Electric Vehicle (EV) Charging startup. The funding will assist Charge+Zone in amping up its already existing charging network of over 1000 points across 19-cities largely for Electric Buses and cars.
CHARGE+ZONE has app-driven unmanned charging stations that boasts of Original Equipment Manufacturer(OEM) Agnostic Charging Network and charging station management system. This makes the charging, seamless and efficient for the customers. With CHARGE+CLOUD – the integrated IOT platform – is being developed into a world-class SAAS platform to help the business expand to global markets as well as address the concerns of B2C networks. CHARGE+ZONE has a 500km electrified National Highway B2C Network from Mumbai to Ahmedabad and has planned to electrify 10,000kms pan-India in collaboration with partners, dealers and franchise.
Addressing the vision for the funding, Dr. Apoorva Ranjan Sharma, President, and Co-founder, Venture Catalysts, said: “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.”
Mr. Kartikey Hariyani, CEO and Co-Founder, CHARGE+ZONE, commented, “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 1500 new points over next 150 days.”
CHARGE+ZONE has done a cumulative fund raise of US$10m as a bridge round and will, further, raise Series A funding worth US$50m in 2022. CHARGE+ZONE’s revenue stream is led by Fast DC Charging Network for Electric Buses, Electric Cars and Electric 2 and 3 Wheelers, Battery Swapping Networks for Electric 2 and 3 Wheelers and SAAS. The charging solution provider estimates an annual demand of 2,500 EV Charging Stations for Electric Buses, 2,000 EV Charging Stations for Electric Cars, 2,500 EV Charging Stations for 3 Wheelers and 10,000 EV Charging Stations for 2 Wheelers, thereby indicating the exponential growth potential in this market.
Source: Business World