Vadodara headquartered TecSo ChargeZone, which owns electric vehicle (EV) charging solutions brand Charge+Zone, has raised an undisclosed amount in a bridge funding round, dubbed as a pre-Series A round, from investor collective Mumbai Angels Network.
The company will use the fresh capital to develop technology for e-mobility integration of the platform with car manufacturers, utility companies and EV charging equipment manufacturers, according to a statement.
Previously, Charge+Zone raised $1 million in a seed funding round in 2019, it said.
The startup was set up in 2018 by a former Larsen & Toubro employee Kartikey Hariyani. The platform offers EV charging solutions based on the internet of things (IoT) and cloud technologies. Customers can access the location of EV charging stations, the charge spot status in case of a queue or pre-bookings, and navigate to the location using its app. The platform claims to provide access to 106 charging points in seven cities for electric buses and electric cars.
“As the electric vehicle sector gains wider adoption over the next decade, our investors see a lot of long-term potential throughout the EV space,” Nandini Mansinghka, co-founder and CEO of Mumbai Angels Network, said.
The renewable energy mobility sector, which has witnessed increased government encouragement, has also caught investor attention.
In January, Amazon India said it would add 10,000 EVs to its fleet of delivery vehicles in the country by 2025.
In the same month, Mumbai-based Tata Power reportedly had plans to take the total number of EV charging stations in India to 700 by 2021. At the time, the company had already installed 100 fast-charging stations in New Delhi, Mumbai, Bengaluru, Pune and Hyderabad.
The EV ecosystem market in the country is expected to cross $216 billion over the next 10 years, as per a 2019 report from BIS Research.