In a significant move to bolster India’s electric vehicle ecosystem, EV charging network provider ChargeZone has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to introduce a new financing scheme for aspiring charging station owners. The collaboration, announced on August 12, 2025, aims to facilitate the rapid expansion of charging infrastructure across the country.
Bridging the Financing Gap
The partnership leverages SBI’s ‘EV Mitra’ scheme to provide tailored financial solutions for individuals and businesses. Key features of the financing include:
- Loan Amounts: Ranging from ₹10 lakh to ₹10 crore.
- Repayment Tenure: Up to seven years.
- Reduced Collateral: Loans are extended under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), making funding more accessible for small and medium enterprises (SMEs).
This initiative directly addresses a primary challenge in the sector: access to capital. Despite India’s public charging infrastructure growing at a compound annual growth rate (CAGR) of 72%—from around 5,151 stations in 2022 to over 26,367 by early 2025—the financing gap has remained a significant hurdle for many potential developers.
Empowering Entrepreneurs through the DoCo Model
The collaboration is built on ChargeZone’s innovative Dealer-Owned-Company-Operated (DoCo) model. This framework allows private investors—such as landowners, restaurant operators, and logistics companies—to own the charging stations while ChargeZone handles the operational aspects, including maintenance, technology integration, and network management. This co-investment model empowers a diverse range of entrepreneurs to participate in the EV ecosystem.
Strategic Vision for National Growth
Currently, ChargeZone operates a robust network of more than 13,500 charging points across 1,200 locations. The company has an ambitious long-term goal of deploying one million charging points nationwide. By combining SBI’s extensive banking network with ChargeZone’s operational expertise, this partnership is set to lower entry barriers and significantly accelerate the rollout of reliable and accessible charging infrastructure, supporting India’s goal of achieving 30% EV adoption by 2030.
