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EV charging infra startup Charge Zone scoops up $19 Mn

EntrackrEntrackr ยท 1y ago
EV charging infra startup Charge Zone scoops up $19 Mn
Medial

Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UKโ€™s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.

EV charging startup Statiq raises $18 Mn led by Tenacity Ventures

EntrackrEntrackr ยท 1m ago
EV charging startup Statiq raises $18 Mn led by Tenacity Ventures
Medial

EV charging startup Statiq has secured $18 million (about Rs 163.2 crore) in a mix of equity and debt funding round led by Tenacity Ventures along with participation from Y Combinator, Shell Ventures, and RCD Holdings. Entrackr exclusively reported on this potential deal back in October last year. The company last raised $25.7 million in a Series A round led by Shell Ventures in mid-2022. The proceeds will be allocated towards scaling its charging infrastructure and expanding its presence across Tier I and II cities, powering hardware lifecycle improvements, and advanced telematics, Statiq said in a press release. Co-founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app for locating and booking charging points. The startup offers a mix of hardware and software-led services, with its hardware segment including chargers and related infrastructure contributing the majority of its revenue. It also runs a financing program for EV charging stations in partnership with the State Bank of India to accelerate infrastructure expansion. According to Statiq, users of its mobile app can avail charging services from its charging network along with other providers like E-Fill, Sunfuel, and GLIDA. It has also collaborated with government bodies, automakers, and hospitality companies to expand its charging network coverage to about 100 cities where it has installed over 10,000 chargers. In the EV charging infrastructure sector, Statiq faces competition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC. It aims to double the number of installed chargers by the end of 2026.

E-mobility startup Kazam raises $8 Mn led by Vertex Ventures

EntrackrEntrackr ยท 1y ago
E-mobility startup Kazam raises $8 Mn led by Vertex Ventures
Medial

E-mobility startup Kazam has secured $8 million in Series A3 funding round led by Vertex Ventures Southeast Asia and India. The round also witnessed participation from Avaana Capital, Alteria Capital, and other notable investors. The company had previously raised $11.4 million from Avaana Capital Advisors and others. The fresh funds will be used to bolster its technology and product teams, enhance platform offerings, and expand market presence, Kazam said in a press release. Co-founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform which builds smart and affordable EV charging networks. The platform weeds out the hassles of EV infrastructure with its software and hardware solutions, designed to support charge point operators, fleet operators, and electricity grids. The startupโ€™s aims to digitize the entire e-mobility value chain, from managing grid energy to fueling EVs and overseeing fleet operations. According to the Bengaluru-based company, its software enables a diverse range of vehicles, including two-wheelers, commercial electric vehicles (CEV) three-wheelers, and city buses, and claims to serve more than 25,000 charging points. It has recently launched LEV-DC, a fast charging option for electric two-wheelers and three-wheelers that can charge an electric scooter up to 80% in 20 minutes. Kazam has partnered with BigBasket, Zypp, Mahindra Logistics and other third-party logistics, facilitating 1 million transactions and integrating over 25,500 EV charging devices in the last 12 months. The firm also added that its reach extends to major vehicle OEMs including Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette.

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