CHARGE ZONE, India’s fastest-growing electric vehicle (EV) charging network, announced that it has secured a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. This investment marks a pivotal milestone in CHARGE ZONE’s mission to revolutionise electric vehicle infrastructure in India.
With this new capital injection, CHARGE ZONE is poised to expedite the expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. This enables the company to roll out more than 1500 super-charging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. This forms part of their long-term plan to create a network of one million charging points by 2030. To fund the expansion, CHARGE ZONE has successfully raised a total of $54 million from investors.
CHARGE ZONE’s expansion strategy will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bangalore and Chennai where the demand for EV charging infrastructure is rapidly growing. By deploying open-access hubs for fleet charging, CHARGE ZONE aims to facilitate the seamless transition to electric mobility for commercial fleets operating in urban centers.
“Our partnership with British International Investment is integral to our mission of driving widespread adoption of electric vehicles in India,” expressed Mr. Kartikey Hariyani, Founder and CEO of CHARGE ZONE. “This strategic investment not only bolsters our capacity for network expansion but also serves as a testament to our shared vision for a sustainable future. With this infusion of capital, we will accelerate our efforts in deploying state-of-the-art charging stations, ensuring that EV drivers across the nation experience unparalleled convenience and reliability. This investment is not just about funding; it’s a catalyst for transformation, empowering us to usher in a new era of electric mobility in India.”
Srini Nagarajan, Managing Director and Head of Asia, at BII commented: “As the UK’s DFI with a focus on providing climate finance, we continue to play a key role in accelerating India’s clean energy transition. Our support of CHARGE ZONE’s expansion will address the challenge of an underdeveloped EV charging infrastructure, facilitate a more sustainable transportation system and make EVs a viable and accessible option for many across the country.”
The investment from BII not only accelerates CHARGE ZONE’s growth trajectory but also reinforces its position as a leader in India’s evolving EV landscape. By providing reliable, accessible, and sustainable charging infrastructure, CHARGE ZONE is driving positive change and laying the groundwork for a cleaner, greener future.
For media inquiries please contact: Nia Tam | press@bii.co.uk
About British International Investment
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to support the UK Government’s Clean Green Initiative and to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $16 billion to empower women’s economic development. The company has investments in over 1,470 businesses across 65 countries and total assets of £8.1 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn and X.
About CHARGE ZONE
CHARGE ZONE is one of few companies globally, with an integrated technology and engineering capabilities to build EV Charging Networks, specializing in high-speed charging networks for electric buses/trucks and electric cars across the enterprise and the retail network on both dedicated and opportunity-based charging using smart-grid networks. Headquartered at Vadodara (Gujarat, India), CHARGE ZONE has spearheaded the fast-charging infrastructure with indigenous development of the technology of mobile-app and CMS with firmware/web-socket cloud-based computing for super-fast EV charging with more than 3200 points across 400+ locations in India and UAE. CHARGE ZONE is on a green mission to establish one million charging points across important markets of EVs in India for all 4W categories of vehicles including cars, buses and trucks.
