ChargeZone, one of India’s largest electric vehicle charging networks, has signed a Memorandum of Understanding with the State Bank of India to expand EV charging infrastructure nationwide.
The partnership focuses on enabling easy financing under the EV Mitra scheme, aiming to bridge the funding gap and encourage wider participation in India’s clean mobility push.
ChargeZone has entered into an agreement with the State Bank of India to support the development of electric vehicle charging stations across the country. This collaboration is part of SBI’s EV Mitra scheme, which provides financing solutions for both individuals and businesses interested in setting up charging facilities.
The scheme aims to remove financial barriers by offering loans ranging from ₹10 lakh to ₹10 crore with a repayment period of up to 7 years. Loans will be available under the Credit Guarantee Fund Trust for Micro and Small Enterprises, reducing the need for collateral and making funding more accessible to small and medium enterprises.
The partnership will be implemented through ChargeZone’s DoCo (Dealer Owned, Company Operated) model. This framework allows private investors to own charging stations while ChargeZone takes responsibility for operations, maintenance, and integrating advanced technology solutions.
The approach not only creates a revenue opportunity for investors but also ensures that the operational quality and technological reliability of the charging stations remain consistent across the network.
India’s public EV charging infrastructure has witnessed remarkable growth, increasing from around 5,151 stations in 2022 to over 26,367 stations by early 2025. This represents a compound annual growth rate of 72%.
Despite this impressive expansion, the sector still faces challenges in securing adequate capital for further growth. The SBI–ChargeZone initiative seeks to address this issue by offering structured financing options that will encourage more participation from investors, entrepreneurs, and businesses.
ChargeZone plans to onboard a wide range of participants under its co-investment model. This includes landowners, restaurant operators, logistics companies, and institutional investors who can opt for full or partial ownership of charging points.
Through this approach, the company intends to leverage its national network, operational expertise, and technological platform to make the deployment process more streamlined and efficient.
At present, ChargeZone operates over 13,500 charging points across 1,200 locations, covering highways, urban areas, and intercity routes. The company’s long-term goal is to deploy one million charging points nationwide, with a strong emphasis on developing infrastructure in local communities.
This vision aligns with India’s broader target of achieving 30% electric vehicle adoption in both personal and public transport sectors by 2030.
According to reports, the EV charging sector in India has already attracted more than $450 million in investments. However, sustained growth will require scalable financing models and effective collaboration between the public and private sectors.
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By combining SBI’s extensive reach in the banking sector with ChargeZone’s operational scale, this partnership is expected to lower entry barriers for new players and accelerate the rollout of accessible and reliable charging infrastructure.
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Published on: Aug 13, 2025, 1:07 PM IST
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