Charge Zone Secures $19 Million from BII to Expand EV Charging Infrastructure

The company plans to install over 1,500 EV super-charging stations across India in the next 18 months

May 2, 2024


Charge Zone, an India-based electric vehicle (EV) charging network firm, has secured a commitment of $19 million from British International Investment (BII), the United Kingdom’s development finance institution, to accelerate the expansion of EV charging infrastructure in India.

The investment would enable Charge Zone to expedite the expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. The company also plans to roll out more than 1,500 super-charging stations over the next 18 months.

This charts the roadmap for Charge Zone to reach a portfolio of over 10,000 charging stations by 2027, which stems from the company’s long-term plan to create a network of one million charging points by 2030. The company has successfully raised $54 million from investors to fund the expansion.

“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,” said Kartikey Hariyani, Founder and CEO of Charge Zone.

Due to their growing demand for EVs, the company aims to focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bangalore, and Chennai. In a press release, the company claimed that deploying open-access hubs for fleet charging will allow a seamless transition to electric mobility for commercial fleets operating in urban centers.

“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,” said Srini Nagarajan, Managing Director and Head of Asia, at BII.

This is BII’s second investment in India’s EV market since 2022, when the impact investor invested $250 million in Mahindra & Mahindra’s passenger EV venture.

India is aiming for a nine-fold jump in public charging stations by 2030. As of last June, India had a network of 8,738 operational stations.