Electric vehicle (EV) charging startup CHARGE+ZONE has raised $10 Mn in a bridge funding round led by Venture Catalysts.
The company will utilise the funds to ramp up its already existing EV charging network.
Kartikey Hariyani, CEO and confounder, CHARGE+ZONE, said that the company has already commenced the distribution of AC-Type2 EV charging network as well as intercity Fast DC charging networks for the 1,500 new points over next 150 days.
“CHARGE+ZONE has done a cumulative fundraise of $10 Mn as a bridge round and will, further, raise Series A funding worth $50 Mn in 2022,” said the statement.
CHARGE+ZONE offers an Original Equipment Manufacturer(OEM) agnostic charging network with its app-driven unmanned charging stations along with its charging station management system.
The Gujarat based startup’s revenue stream is led by Fast DC Charging Network for electric buses, electric cars and electric two and three wheelers, battery swapping networks and SaaS.
Founded in 2018 by Hariyani, the startup had raised $4 Mn prior to the latest funding round. In November last year, it had raised funding of $3 Mn in a pre-series A round led by Venture Catalysts.
Venture Catalysts is an integrated incubator which invests $250,000 – $1.5 Mn in early-stage startups.
The EV segment including vehicle makers and related infrastructure and service providers has witnessed a rapid growth in the past few years backed by the government’s support and the extension of the FAME-II subsidy scheme for electric vehicles.
Last month battery-swapping network startup Battery Smart raised $7 Mn in a Pre Series A round led by Blume Ventures and Orios Ventures.