$8 million of the $54 million raised by CHARGE+ZONE came from debt investments made as part of an infrastructure strategy that Blue Orchard is in charge of.
Electric car charging business CHARGE+ZONE said on Monday that it has received $54 million in stock and debt to develop the high-speed charging network.
CHARGE+ZONE has raised $54 million as part of Series A1, of which $8 million is a loan investment from an infrastructure strategy run by Blue Orchard.
In addition, the business stated in a statement that it intended to seek $5-100 million in equity as part of Series A2 between 2023 and 2024.
In addition to its expanded expansion goals, the business said the financing will cover the immediate installation of 286 charging stations servicing 1,130 e-buses, e-trucks, and more than 1,250 e-car fleets. At least 500 employments will be created, both directly and indirectly, as a result.
CHARGE+ZONE now operates or is building more than 1,500 EV charging stations in 37 Indian cities, totaling more than 3,000 charging outlets and more than 10,000 kilometers of roadway.
According to Kartikey Hariyani, founder and CEO of CHARGE+ZONE, the current Series A1 capital round is a component of the $300 million in planned capex expenditure since the firm anticipates important growth for the electric four-wheeler industry over the next 4-5 years.
By 2030, the company hopes to have installed one million charging stations.
“As a part of our Series A1 fundraising of US $54 M (INR450 crores) of equity and debt, we are excited to have BlueOrchard a part of our journey to build the supercharging networks for EVs in India and other global markets. In the current phase, we aim to build 3000 high-speed DC charging stations by 2025 and expand our network to enable e-mobility across the fleet and personal EV segment including EV cars, buses, and trucks. The current Series A1 raise is part of the planned capex investment of US $300 million, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years,” said Kartikey Hariyani, Founder and CEO, CHARGE+ZONE.
