This comes as the EV charging startup is gearing up to raise Series A funding worth USD 50 million (around Rs 375 crore) in 2022
EV charging startup Charge+Zone has announced that it has raised USD 10 million (around Rs 75 crore) in a bridge funding round led by Venture Catalysts.
The round also saw the participation of other undisclosed investors. This comes as the EV charging startup is gearing up to raise Series A funding worth USD 50 million (around Rs 375 crore) in 2022.
These funds will be used for a direct current (DC) charging network and battery swapping networks for electric buses, electric cars, two-wheelers and three-wheelers.
“With the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME)-II scheme, 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 the next 150 days,” said Kartikey Hariyani, CEO and Co-Founder, Charge+Zone.
Founded in 2018, Charge+Zone is operated by Tecso Charge Zone Pvt Ltd, and specialises in business-to-business (B2B) and business-to-consumer (B2C) charging services for both dedicated and opportunity-based charging, using a smart-grid network, the statement said.
Demand for electric charging stations in India has been on the rise with more automobile companies making forays into the EV segment. To cash in on the rising demand, companies like Reliance Industries and Tata Power, among others, have started installing charging stations aggressively.