Charge Zone Secures $19 Million Funding From British International Investment

Gujarat-based Charge Zone on Tuesday said it has secured a financial assistance of $19 million (about Rs 160 crore) from British International Investment.

It will utilise the proceeds to roll out more than 1,500 super-charging stations over the next 18 months to reach a portfolio of over 10,000 charging stations by 2027, the company said in a statement.

"Charge Zone has secured a $19 million commitment from British International Investment, the UK's development finance institution (DFI) and impact investor," the statement said.

Charge Zone operates fast-charging stations at more than 400 locations in India and the UAE. The company plans to create a network of 10 lakh charging points by 2030. To fund the expansion, it has successfully raised a total of $54 million from investors.

British International Investment is the UK’s development finance institution and impact investor.