ChargeZone ties up with State Bank of India

ChargeZone, India’s largest EV charging network, has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) under the EV Mitra scheme in a significant step toward building the backbone of the country’s electric mobility infrastructure. This strategic partnership is aimed at empowering individuals, businesses, and institutions to set up EV charging stations through streamlined financing support for infrastructure development under ChargeZone’s popular DoCo (Dealer Owned, Company Operated) offerings. 

As part of the scheme, loans ranging from Rs 10 lakh to Rs 10 crores will be offered, with flexible repayment options of up to 7 years. The financing will be extended under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), allowing eligible borrowers to access funding with minimal collateral requirements.

As India accelerates toward its goal of 30% electric vehicle adoption by 2030, the demand for robust, accessible charging infrastructure continues to surge. While the sector has already attracted over USD 450 million in EV charging infrastructure investments, financing remains a key bottleneck for many prospective developers. Public charging stations have grown from around 5,151 in 2022 to over 26,367 by early 2025, a fivefold increase in just three years, reflecting a 72% CAGR. The partnership between ChargeZone and SBI is designed to close the financing gap and support this growth by making capital more accessible to the next generation of infrastructure builders.

Kartikey Hariyani, Founder and CEO of ChargeZone, added, “The biggest unlock in India’s EV transition will come from removing barriers of mindset, access, and infrastructure. This partnership with SBI does exactly that. It empowers everyday entrepreneurs, institutions, and businesses to participate in building the EV ecosystem with ease and confidence. We’ve always believed that technology alone isn’t enough; it must be supported by accessibility and affordability. Combining ChargeZone’s technological capabilities and meticulous execution as well as with SBI’s support, we’re not just powering vehicles, we’re enabling new businesses, creating jobs, and accelerating the shift to cleaner mobility.”

Under the EV Mitra scheme, ChargeZone will offer its popular DOCO (Dealer Owned, Company Operated) program to set up EV charging stations with Indian residents & enterprises under the co-investment (full / partial) model too.  Today, even for a land owner / restaurant owner-operator or  a logistics operator or a young entrepreneur looking to start an EV charging business, the program simplifies the financing journey, backed by ChargeZone’s integrated tech, operations, and nationwide network. The move is aligned with ChargeZone’s mission of deploying one million charging points across India and strengthening the EV ecosystem through localized infrastructure development. With a network of over 13,500 charging points across 1,200 locations, ChargeZone is building critical infrastructure where it's needed most, from highways and city centers to emerging intercity corridors, while enabling new stakeholders to participate in the EV ecosystem.