Charge+Zone, the Gujarat-based EV charging company, aims to raise US$ 125 million in Series A2 by the end of this calendar year. The company had raised US$ 54 million in Series A1, led by BlueOrchard.
It has also completed the first phase of installing 1,600 plus EV charging stations across 450+ locations, covering more than 15,000 kilometres of highways across the country, and the capital raised from the A2 Series funding will be used for further expansion of its retail network in the state and national highway charging infrastructure. It will also use the capital for product research and development and strategic investment in e-mobility companies.
Kartikey Hariyani, founder and CEO, CHARGE+ZONE said that the fresh round of investments would enable them to achieve their target network size of 5,000 fast chargers on the state and national highways, by 2025.