ChargeZone, one of India’s largest electric vehicle (EV) charging networks, has entered into a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to support the expansion of EV charging infrastructure across the country. The collaboration falls under SBI’s EV Mitra scheme and aims to facilitate easier access to financing for individuals and businesses looking to set up EV charging stations.
The partnership will focus on supporting infrastructure development through ChargeZone’s DoCo (Dealer Owned, Company Operated) model, which allows private investors to own charging stations while ChargeZone manages operations, maintenance, and technology integration. Under the initiative, SBI will offer loans ranging from ₹10 lakh to ₹10 crore, with repayment tenures of up to seven years. These loans will be extended under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), reducing the need for collateral and making funding more accessible to small and medium enterprises.
India has seen rapid growth in its public EV charging infrastructure, increasing from approximately 5,151 stations in 2022 to over 26,367 by early 2025—a compound annual growth rate (CAGR) of 72%. Despite this progress, access to capital remains a challenge for many potential developers. The new initiative aims to bridge this financing gap, encouraging wider participation in building the country’s EV ecosystem.
As part of the program, ChargeZone will onboard residents, businesses, and institutional investors to establish charging points under a co-investment model—allowing for full or partial ownership. This includes landowners, restaurant operators, logistics companies, and aspiring entrepreneurs. The model leverages ChargeZone’s existing technological platform, operational expertise, and national network to streamline deployment and management.
Currently, ChargeZone operates a network of more than 13,500 charging points across 1,200 locations, including highways, urban centers, and intercity routes. The company has set a long-term goal of deploying one million charging points nationwide, with an emphasis on localized infrastructure development.
The collaboration aligns with India’s broader objective of achieving 30% electric vehicle adoption in the personal and public transport sectors by 2030. According to industry estimates, the EV charging sector has attracted over USD 450 million in investments to date, but sustained growth will depend on scalable financing solutions and public-private partnerships.
This initiative reflects ongoing efforts by financial institutions and private companies to support India’s clean mobility transition. By combining SBI’s extensive banking reach with ChargeZone’s operational footprint, the partnership seeks to lower entry barriers for new players and accelerate the rollout of reliable, accessible charging infrastructure.