Total amount raised
$87.1 Millions
Latest funding date
04/01/2024
Location
ChargeZone has successfully raised funding through multiple rounds, attracting a diverse group of 15 investors, including GI Ventures and British International Investment. The company specializes in renewable energy solutions, product development, and software engineering services.
Keep reading to explore the intricacies of ChargeZone's fundraising journey and the investors backing this innovative platform.
What Is ChargeZone?
ChargeZone, founded on July 24, 2018, is headquartered in Vadodara, Gujarat, India. The company was established by Kartikey Hariyani.
Specializing in renewable energy solutions, product development, and software engineering, ChargeZone aims to build 100,000 charging stations across key EV markets in India. Their services include super fast DC chargers, home charging stations, and fleet solutions.
With a workforce of 101-250 employees, ChargeZone's mission is to provide an unmanned EV charging experience through their sophisticated Grid-to-Vehicle (G2V) technology.
How Much Funding Has ChargeZone Raised?
- Funding Round: Seed Round
- Amount Raised: $1M
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial development of EV charging infrastructure.
- Funding Round: Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2020
- Lead Investors: Mumbai Angels
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's reach and enhance its charging network.
- Funding Round: Seed Round
- Amount Raised: $3M
- Date: November 2020
- Lead Investors: Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and deploy EV charging stations across key markets.
- Funding Round: Convertible Note
- Amount Raised: ₹750M
- Date: December 2021
- Lead Investors: Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and technological advancements.
- Funding Round: Series A
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the charging infrastructure.
- Funding Round: Series A
- Amount Raised: $46M
- Date: March 2023
- Lead Investors: BlueOrchard Finance S A
- Valuation at Round: $50.1M
- Motivation Behind the Round: To expand the company's cloud tech-enabled charging infrastructure in India.
- Funding Round: Debt Financing
- Amount Raised: $8M
- Date: March 2023
- Lead Investors: BlueOrchard Finance S A
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's financial stability and growth.
- Funding Round: Venture Round
- Amount Raised: Not publicly disclosed
- Date: December 2023
- Lead Investors: Macquarie Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow and support the expansion of ChargeZone's cloud tech-enabled charging infrastructure in India.
- Funding Round: Venture Round
- Amount Raised: ₹1.6B
- Date: April 2024
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the company's EV charging network and technological capabilities.
Total Amount Raised: $71.2M
Current Valuation: $50.1M
Key Investors
- British International Investment
- Details: British International Investment is a development finance institution that invests in businesses and projects in emerging markets. They aim to support economic growth and job creation.
- Investment Focus Areas: Infrastructure, financial services, healthcare
- Notable Investments: ChargeZone
- Macquarie Capital
- Details: Macquarie Capital is a global financial services group providing advisory, capital raising, and principal investment services. They focus on infrastructure and energy projects.
- Investment Focus Areas: Energy transition, sustainable infrastructure, decarbonization
- Notable Investments: ChargeZone
- BlueOrchard Finance S A
- Details: BlueOrchard Finance S A is an impact investment manager dedicated to fostering inclusive and climate-smart growth. They manage a range of investment funds.
- Investment Focus Areas: Microfinance, climate finance, sustainable infrastructure
- Notable Investments: ChargeZone
- Venture Catalysts
- Details: Venture Catalysts is an integrated incubator that provides funding, mentorship, and networking opportunities to startups. They focus on early-stage investments.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: ChargeZone
- Mumbai Angels
- Details: Mumbai Angels is a network of angel investors that provides capital and mentorship to early-stage startups. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: ChargeZone
What's Next for ChargeZone?
ChargeZone is poised to capitalize on the burgeoning demand for EV infrastructure in India. With over 3,500 charging points across 1,500 stations in 37 cities, the company plans to expand its cloud tech-enabled charging network. Leveraging partnerships with major OEMs and e-mobility enablers, ChargeZone aims to integrate renewable energy sources like solar and wind by 2030.
Future fundraising opportunities appear promising, given the company's successful track record and strategic partnerships with investors like Macquarie Capital and BlueOrchard Finance S.A. However, challenges such as competition, regulatory hurdles, and ensuring the reliability of their technology could pose obstacles. Nonetheless, ChargeZone's focus on sustainable growth positions it well for continued success.
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