Archive: April 30, 2024

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Luxshare Precision Announces 2023 Annual Results

Apr 30, 2024 by Agency 0 Comments

Net Profit Exceeds RMB10 Billion for the First Time with Diversified Synergistic Business Presence

SHENZHEN, CHINA – Media OutReach Newswire – 30 April 2024 – On April 24th, Luxshare Precision unveiled its 2023 annual results, 2024 first-quarter financial figures and 2024 interim results forecast together, which brings positive market feedback due to its consistent improved profitability. With those eye-catching financial figures, Luxshare Precision’s stock price climbed over 5% intraday, with a total daily turnover surpassing RMB3.5 billion. Over the week, the company’s stock price increased by more than 9%.

According to the annual report, Luxshare Precision’s 2023 operating revenue achieved approximately RMB231.91 billion, representing a year-on-year increase of 8.35%. Net profit attributable to shareholders of the listed company exceeded RMB10 billion for the first time to RMB10.95 billion, representing a year-on-year increase of 19.53%. In the first quarter of 2024, Luxshare Precision achieved operating revenue of approximately RMB52.41 billion, representing a year-on-year increase of 4.93%. Net profit attributable to shareholders of the listed company was about RMB2.47 billion, representing a year-on-year increase of 22.45%. Meanwhile, Luxshare Precision announced an impressive performance forecast in terms of its net profit for the first half of 2024 with an increase of 20%-25% year-on-year.

The consumer electronics, the key business segment which accounted for 85% of Luxshare Precision’s annual operating revenue, recorded a year-on-year increase of 9.75% to RMB197.18 billion. Over the past year, Luxshare Precision has continued to deepen cooperation with its major customers to enhance its position in the industry chain. By leveraging its vertical integration and efficient collaborative capabilities in components, modules and systematic solutions, Luxshare Precision has kept expanding its shares in the supply chain of major customers and continues to play a significant role in the supply chain for products such as iPhone, AirPods, and Apple Watch. Also, Luxshare Precision has become the exclusive supplier for the Vision Pro, which is the first spatial computing device of Apple.

At the end of 2023, Luxshare Precision acquired a 62.5% stake in Pegaglobe (Kunshan) Co., Ltd. for RMB2.1 billion (about US$300 million). This acquisition is expected to broaden Luxshare Precision’s business cooperation with Apple. After the transaction, Luxshare Precision’s share of mobile phones is expected to reach nearly 40%, with iPhone shipments in 2024 projected to double.

Analyst from Wall Street investment firm Wedbush anticipates that, the iPhone 16, set to launch in September this year, will feature AI intelligence. As a key iPhone supplier and the main supplier for the iPhone 16 Pro Max in the latter half of the year, Luxshare Precision is expected to benefit significantly from market recovery and new model releases.

In March, NVIDIA unveiled the DGX GB200 NVL 72 at the GTC 2024 conference, spotlighting “copper interconnections”, a core product of Luxshare Precision’s communication business. Luxshare Precision currently utilizes self-developed and self-produced Optamax ultra-low-loss, anti-bending high-speed bare wire technology, and offers high-speed copper cable products such as DAC and ACC. Along with the company’s optical interconnection and thermal management products, Luxshare Precision offers comprehensive solutions for high-speed interconnection, earning recognition from top global customers. Luxshare Precision’s communication business revenue in 2023 was RMB14.538 billion, representing a 13.28% year-on-year increase.

During the conference call, the management of Luxshare Precision highlighted that in addition to growth in major customer product lines, the company has also seen success in segmented product areas. For Audio products, the company provides ODM products to various large-scale customers worldwide, and has strong vertical integration capabilities within the industry, bringing substantial margin benefits. Additionally, product lines like the Thunderbolt can also make contribution to the company’s overall growth.

Hashtag: #LuxsharePrecision

The issuer is solely responsible for the content of this announcement.

Luxshare Precision Announces 2023 Annual Results

News

Belts grading ceremony for karate students held

Apr 30, 2024 by Sujata Muguda 0 Comments #Belts grading ceremony, #GVR Karate Academy, #karate student, #Senior Karate Master Radheshyam Tiwari

Hyderabad, April 30, 2024…. 48 students participated in the colour belt grading program held at GVR Karate Academy in Narayanguda.

The belts and certificates were given away to successful students by Senior Karate Master Radheshyam Tiwari. During the program, Radheshyam Tiwari emphasized that karate education transcends age and is beneficial for individuals of all age groups, particularly stressing its importance for students, young women, and young men, highlighting that health is a blessing. He expressed that a strong youth populace contributes to the nation’s prestige.

Senior Karate Master Radheshyam Tiwari seen giving away certificates to winners--pic 2

Learning karate fosters self-confidence and morale among students, who are the citizens of tomorrow capable of achieving mental happiness.

GVR Karate Academy Director Dr GS Gopal Reddy, Black Belts Karim, Subhash Amrutha Reddy, Gana Santhoshinee Reddy, Anaga, Shiny, Yogini, and the parents of the students, among others, were present.”

News

SMEStreet Celebrates 10 Years of Serving Indian MSMEs

Apr 30, 2024 by Sujata Muguda 0 Comments #Faiz Askari, #MSMEs, #SMEStreet

30th April 2024, New Delhi: As SMEStreet marks its 10th-year milestone, we reflect on a journey filled with remarkable achievements, unwavering dedication, and countless moments of inspiration. What began as a vision a decade ago has blossomed into a thriving community, serving as a beacon of empowerment for small and medium enterprises across the globe.

Over the past ten years, the platform witnessed the transformative power of entrepreneurship, small businesses’ resilience, and innovation’s impact on economic growth. “Through our platform, we’ve championed the voices of SMEs, providing them with invaluable insights, resources, and networking opportunities to navigate challenges and seize opportunities in an ever-evolving business landscape,” commented Faiz Askari, Founder of SMEStreet.

“As we commemorate this significant milestone, we extend our heartfelt gratitude to our loyal readers, partners, contributors, and supporters who have been instrumental in our journey,” he says, “At this juncture, we at SMEStreet are set to focus on resolving real Business challenges like Access to capital, access to technology, business development and business impact.”

Over these last 10 years, SMEStreet have also transformed into a stronger MSME ecosystem from being born as a simple media interface. Recently, we started SMEStreet Membership Offerings and have established collaborations with experts and service providers who are working in their respective streams of enabling the MSME ecosystem.

Top Milestones of SMEStreet’s MSME Engagement

Total Unique MSMEs Connects – 1.2 Million (12 Lakhs Plus)
Monthly Unique Readers – Over 3 Lakhs
Weekly Active Readers – 1,00,000 (Approx)
SMEStreet Newsletter Subscribers – 4.6 Lakhs
Social Media Followers (including Facebook /Instagram/ Linkedln /Youtube ) – 1,64,155
Ek Nayi Udaan – SMEStreet-DealPlexus Collaboration
A few months ago, SMEStreet announced a strategic collaboration with DealPlexus to deliver services that are designed to solve MSME needs for growth such as access to finance, management of finance, Business insurance and several other services that can ensure ease of doing business for any entrepreneur. “We are thrilled to formulate this groundbreaking collaboration between SMEStreet and DealPlexus, which is designed to help MSME/SME entrepreneurs to continue their chase for business growth and profitability. This collaboration shows our commitment of empowering businesses and fostering growth opportunities,” said CA Deepak Maheshwari, Co-Founder of DealPlexus. This collaboration is announced as ‘Ek Nayi Udaan’ where SMEs can explore a wide array of strategic partnerships, investment opportunities, and business synergies.

“This collaboration is aimed to create a dynamic MSME ecosystem with diverse capabilities to serve the MSME sector. We at SMEStreet are working towards completing a comprehensive coverage of business-oriented services. Our collaboration with DealPlexus is clear evidence of creating a comprehensive MSME ecosystem. From just content sharing, we have evolved as a Pro -MSME Ecosystem- committed to enhancing the MSMEs’ growth,” says Faiz Askari of SMEStreet.

On the occasion of the 10-year milestone, SMEStreet is excited to announce the expansion of SMEStreet’s engagement and services for the MSME sector.

The 2024 & Beyond Journey
From 2024 onwards the platform is shaping up as a more dynamic, more engaging services provider for MSMEs who wishes to grow to the next level.

Last 15 years in India have witnessed a great upsurge of MSMEs. This sector have taken a strong and visible space in the policymaking. This phenomenon of Indian economic growth is leading towards a global success story, and SMEStreet would like to contribute in the form of catalyzing MSMEs’ contribution in India’s development story.

Looking ahead, while entering into the next decade of innovation, growth, and success, “SMEStreet will remain committed to the mission of empowering SMEs, fostering collaboration, and driving sustainable growth. Your unwavering support and trust have fueled our passion to continuously strive for excellence and drive positive change in the MSME ecosystem,” Mr Askari said.

Upcoming Events & Activities on 10th Year Anniversary

SMEStreet Team is working on organizing events and forums both in online and offline formats on various business-sensitive issues related to MSMEs.

News

AngelHack 2024 Partners with Heineken and Microsoft for Social Innovation in Bangalore

Apr 30, 2024 by Sujata Muguda 0 Comments #AngelHack, #Heineken, #Microsoft, #Yiming Ng

Bengaluru, April 30, 2024 – AngelHack, one of the world’s largest and most diverse developer ecosystems reaching out to more than 300,000 developers, announces the relaunch of its global hackathon series for the first time post-COVID. The 13th edition of the series is back to empower participants to tackle pressing global challenges and develop innovative tech solutions that drive real-world change. This year, in-person hackathons will bring together a massive community of 5,000 developers across nine major cities and virtual bounty challenges in three waves throughout the year.

The nine cities are Mexico City, Ho Chi Minh City, Bangalore, Singapore, Warsaw, Jakarta, Seoul, New York, and Dubai. Following a successful launch in Mexico, hackbangalore will take place on May 11 – 12. Over a 2-day in-person hackathon at Microsoft Prestige Business Park, located in Microsoft Bangalore campus, tech developers and participants from other disciplines will come together to tackle problem statements in teams of four across three categories – financial inclusion, social responsibility, and digital empowerment.

In addition to Microsoft Bangalore, this anticipated competition will also be jointly supported by Heineken as key sponsors and city partners. The top team within each category will walk away with USD 3,000 each, while the team achieving the highest overall score will also receive an all-expenses paid trip (worth up to USD 20,000) to compete in the grand finals at the Singapore Week of Innovation and Technology (SWITCH) 2024. Finalists competing in the grand finals will vie for a share of the USD 100,000 prize pool, with the overall winner walking away with USD 60,000 worth of prizes.

Yiming Ng, CEO of AngelHack, commented: “We first launched hackbangalore back in 2015 when we saw a significant unmet need for credible, in-person hackathons within India’s flourishing digital landscape. Our platform provided developers, business owners and aspiring talents with a platform for fundraising, networking, and developer skill development. The technology ecosystem in Bangalore has experienced explosive growth in recent years on the back of the city’s rapid development. With Hack Bangalore’s return, we hope to tap into the city’s burgeoning tech talent pool and convene diverse teams with a unique blend of technical expertise, design thinking and entrepreneurial spirit to address the city’s top challenges. As our societies grow to be hyperconnected, nurturing talent and finding intelligent solutions that can drive positive change and transformation is imperative.”

Over the years, the global hackathon series has brought together over 26,000 talented developers from various industries, age groups, and professions to build solutions that address some of the most pressing challenges in each participating city such as financial inclusion, social responsibility, and digital empowerment. This year, the 24-hour hackathons will allow even more developers, creatives, and entrepreneurs to collaborate and showcase their technological prowess in driving change and transformation across industries and communities.

Founded as a grassroots initiative by AngelHack with a mission to build a thriving community of

developers, designers, and entrepreneurs worldwide, it now runs hundreds of global and local

hackathons, establishing itself as a force in developer relations. AngelHack also offers a developer lab to help new and existing developers navigate their professional journeys and collaborates with platforms like StackUp to support developers’ growth with the latest resources. Winning solutions at The Global Hackathon Series have a proven track record of attracting significant attention and funding from sponsors, making it a prime platform for innovation with real-world impact.

News

Pacific Tagore Garden Wraps Up Successful ‘The Great Indian Comic Book Festival’

Apr 30, 2024 by Sujata Muguda 0 Comments #Aanshul Verma, #Pacific Tagore Garden, #The Great Indian Comic Book Festival'

New Delhi, April 30, 2024: Pacific Tagore Garden successfully culminated  ‘The Great Indian Comic Book Festival’. The three-day extravaganza celebrated the rich legacy of Indian comics and left attendees with unforgettable memories.

The festival, which aimed to transport attendees back to the iconic era of Indian comics from the 90s, was met with enthusiastic participation from comic enthusiasts of all ages. Attendees immersed themselves in a plethora of engaging activities, including creating comic speech bubbles, adding colors to beloved superheroes, exploring Indian myths and legends, and crafting their superhero alter egos.

pacific tagore

One of the highlights was the addition of the photo booth, which added an extra element of fun and excitement to the festival. Attendees captured their memorable moments during the festival. Another highlight was the Shelfebook Exhibit, which showcased a diverse collection of comic books from renowned publishers Raj Comics and Diamond Comics.

Aanshul Verma, Chairman and Managing Director, Diamond Comics, said, “Outdoor interactive events are a great way to engage with our fans, readers, and collectors. Children are the real stars and brand ambassadors. Our 66 famous original cartoon characters, Chacha Chaudhary, Billoo, Pinki, Shaktimaan, and Motu Patlu, resonate with the length and breadth of India and have made us the world’s largest-selling comics.”

Interactive Q&A sessions allowed attendees to delve deeper into the history of Indian comics, further enriching their experience. Participants also had the chance to win exciting rewards, including coveted comic subscription kits.

Startled to witness the exhilarating response from the attendees, Abhishek Bansal, Executive Director, Pacific Group said, “We are thrilled with the overwhelming response to ‘The Great Indian Comic Book Festival’. It was great to see that the event not only attracted kids but also intrigued their parents and other adult visitors with nostalgia. The event was a resounding success, and we look forward to organizing more such events in the future.”

News

MAHE Celebrates Special Convocation for Conferment of Honorary Doctorate to Shri K. V. Kamath

Apr 30, 2024 by Sujata Muguda 0 Comments #Dr H.S. Ballal, #M.D. Venkatesh, #Mahe, #Shri K. V. Kamath, #Special Convocation

Manipal, 30 April 2024: Manipal Academy of Higher Education (MAHE), Deemed to be University, one of India’s leading research-focused educational institutions, held a special convocation for conferring an honorary doctorate to Shri K. V. Kamath, Chairman of National Bank for Financing Infrastructure and Development (NaBFID) & Chairman of Jio Financial Services Ltd. on Monday, 29 April 2024. The ceremony was graced by distinguished dignitaries like Mrs Vasanti R Pai, Trustee, MAHE Trust, Dr Ranjan R. Pai, President, MAHE Trust & Chairman, MEMG, Bengaluru, Dr H.S. Ballal, Pro-Chancellor of MAHE, Lt Gen (Dr) M.D. Venkatesh, VSM (Retd.), Vice Chancellor of MAHE, Dr. Dilip G Naik, Pro Vice Chancellor, MAHE, Mangalore, Prof. Madhu Veeraraghavan, Pro Vice Chancellor, MAHE Bengaluru, Dr. P Giridhar Kini, Registrar of MAHE among other senior officials of MAHE Trust, Board of Management, and Academic Council.

Special Convocation for Conferment of Honorary Doctorate to Shri K. V. Kamath

Shri K. V. Kamath, currently serving as the Chairman of National Bank for Financing Infrastructure and Development (NaBFID) & Chairman of Jio Financial Services Ltd., is a visionary leader and pioneer in the field of banking and finance. His contributions have not only transformed industries in India but have also had an impact on the global financial landscape, setting new benchmarks for the industry. His remarkable trajectory – previously serving as Chairman of the New Development Bank (NDB) and Chairman of ICICI Bank – marked by exemplary leadership, strategic acumen, and innovation, is a testament to his academic and administrative excellence. Beyond his professional achievements, Mr Kamath is deeply committed to social responsibility and sustainable development. He has been instrumental in promoting inclusive growth, environmental sustainability, and corporate social responsibility practices throughout his career.

Dr H.S. Ballal, Pro-Chancellor of MAHE said, “Today, MAHE takes immense pride in recognizing the exceptional contributions of Mr K. V. Kamath. His leadership and vision align perfectly with MAHE’s mission to foster innovation in young leaders. This honorary doctorate signifies the profound impact Mr Kamath has had, and we are confident his example will continue to inspire our students to pursue excellence in their chosen fields. Congratulations to Mr Kamath on this well-deserved honour.”

Lt Gen (Dr) M.D. Venkatesh, VSM (Retd.), Vice Chancellor of MAHE said, “On behalf of the entire MAHE community, it is my distinct honour to confer this honorary doctorate upon Shri K. V. Kamath. His remarkable achievements serve as an inspiration to our students and faculty alike. We are confident that Mr Kamath’s insights and experiences will continue to shape future leaders and contribute to positive change in the world. We are delighted to welcome him to the esteemed company of MAHE’s honorary doctorates.”

Speaking on the recognition, Mr Kamath said, “Receiving this honorary doctorate from MAHE is a humbling recognition that I cherish deeply. It is my honor to stand here in the institute I have admired for so long. The institute serves as a tribute to creative thinking of Dr TMA Pai who thought of establishing an educational institution in the era when there were just handful of institutes. Throughout my career, I have strived to put India’s institutions on the global map and to advocate for sustainable development and being acknowledged by such a respected institution as MAHE motivates me even further. This recognition is not just for me, but for everyone who has collaborated with me on this journey. This is a tremendous honour, and I am grateful for the trust that MAHE has placed in me.”

News

POCO Reveals Irresistible Deals on Bestselling Smartphones for the upcoming May Sale

Apr 30, 2024 by Sujata Muguda 0 Comments #Bestselling Smartphones, #May Sale, #POCO

Bengaluru, India – 30.04.2024 – POCO, one of the fastest-growing consumer technology brands in India, unveils compelling offers for its top-selling smartphones during the May sale, running from May 1 to May 10, 2024, exclusively on e-commerce giants Flipkart and Amazon. Customers will have the opportunity to purchase their preferred products at unprecedented prices during this sale event, coupled with exciting offers.

POCO X6 Pro

The POCO X6 Pro, powered by the MediaTek Dimensity 8300-Ultra SoC. Boasting a 5000mm² VC Cooling system and Wildboost 2.0, it ensures optimal gaming performance. Its impressive 6.67-inch AMOLED display offers a smooth 120Hz refresh rate and supports Dolby Vision®, enhancing color and contrast for an immersive viewing experience. With a 64MP OIS triple rear camera and HDR video recording support, it captures stunning visuals with precision.

POCO X6

 POCO X6 offers an immersive viewing experience with its 6.67″ AMOLED display with a resolution of 1.5K ensuring sharp and vibrant visuals and is the only device under INR 20K to offer these features. The smartphone is powered by the Snapdragon® 7s Gen 2 Mobile Platform. It is protected by Corning® Gorilla® Glass Victus®, providing durability and scratch resistance. The POCO X6 boasts a 64MP triple rear camera system with a 5100mAh battery, ensuring long-lasting usage.

POCO X6 Neo

POCO X6 Neo represents a pinnacle of slim design in the brand’s smartphone lineup. The smartphone boasts a 6.67-inch 120Hz AMOLED FHD+ Display, delivering vivid colors and sharp visuals, perfect for immersive video streaming and gaming experiences. X6 Neo redefines the boundaries of photography with its 108MP Dual AI Camera and a 16MP Selfie Camera. It is also powered by the MediaTek Dimensity 6080 Processor.

POCO M6 Pro 5G

POCO M6 Pro 5G is powered by Qualcomm® Snapdragon® 4 Gen 2 on a 4nm process . With a premium glass back design and a large 6.79-inch display, it offers an immersive viewing experience. IP53 splash and dust resistance along with Corning® Gorilla® Glass protection ensure durability. The 50MP primary camera captures high-resolution images with sharp details.

POCO M6 5G

POCO M6 powered by the MediaTek Dimensity 6100+ for seamless and efficient performance . The POCO M6 5G offers an immersive 6.74″ 90Hz display, ensuring an enhanced viewing and gaming experience, protected by Corning Gorilla Glass. This feature-packed entry-level 5G smartphone aims to solidify POCO’s position as a leader in the 5G smartphone segment, offering consumers a device that combines innovation, reliability, and affordability.

POCO C65

Meticulously crafted, POCO C65 features a sleek and ergonomic design. POCO C65 presents robust storage choices with 4+128GB, 6+128GB, and even 8+256GB, marking the first phone in its segment to feature this configuration. The device boasts a MediaTek Helio G85 chipset and boasts a gorgeous 6.74-inch HD+ 90Hz display that offers an immersive viewing experience.POCO C65 also features a massive 5000mAh battery, providing all-day connectivity.

POCO C61

POCO C61 features a premium design with a glass back and fast-side fingerprint sensor. It boasts a 6.71″ Dot Drop HD+ display which offers vibrant visuals with a 90Hz refresh rate. With a 5000mAh battery, it ensures all-day usage and supports fast charging via USB Type-C. The dual camera system captures stunning photos, while the MediaTek G36 chipset ensures powerful performance.

Business

Phos and Silverflow Partner to Unleash End-to-End SoftPoS Payments Acceptance

Apr 30, 2024 by Rekha Nair 0 Comments

phos-x-silverflow-1 (1)

30 April 2024, London, UK: – Phos, the global leader in software point-of-sale (SoftPoS) orchestration for businesses, has partnered with the leading cloud platform for global card processing, Silverflow, to help businesses leverage a best-in-class solution for accepting contactless payments directly to mobile devices.

The partnership combines Phos’ innovative SoftPoS technology with Silverflow’s modern payment processing platform, to offer a comprehensive and ready-to-deploy solution for banks, acquirers, payment service providers (PSPs), and independent sales organisations (ISOs).

The integrated solution significantly reduces development and implementation time, allowing clients to launch their SoftPoS offerings rapidly. Silverflow’s advanced processing capabilities seamlessly complement Phos’ front-end components, including the payment app, terminal management system, and merchant portal, empowering businesses to offer a robust and user-friendly experience.

By utilising Silverflow’s cloud native architecture, customers will be provided with a data-rich set that ensures higher approval rates, chargeback data and cardholder information, equipping them for long-term success. This collaboration also expands the reach of the improved payment solutions across Europe by tapping into Silverflow’s presence in the ecommerce sector including shopping platforms, large retailers and payment service providers (PSPs), enabling a truly omnichannel proposition alongside Phos.

Brad Hyett, CEO at Phos, said: “Partnering with Silverflow positions us to deliver an exceptional SoftPoS solution to the market. Their cutting-edge technology and commitment perfectly align with our vision. We’re excited to empower businesses with a faster, more seamless way to accept payments.”

Anne Willem de Vries, CEO and Co-founder of Silverflow, added: “This partnership marks a significant step forward for our business. By combining our expertise with Phos, we’re providing a comprehensive and ready-to-deploy solution that streamlines the go-to-market process for our clients. We’re confident that this collaboration will unlock tremendous growth opportunities within the omnichannel payments landscape.”

Phos and Silverflow are tech-native companies that champion innovation and agility and are committed to collaborating closely to facilitate user-friendly payment experiences across the globe. This shared DNA fosters a strong partnership that will empower businesses, ensure continuous improvement and market responsiveness, and revolutionise the future of payments.

News

Waiting for Prime Video’s Panchayat-Season 3

Apr 30, 2024 by Sujata Muguda 0 Comments #critically-acclaimed, #Panchayat-Season 3, #Prime Video

Fans of the critically-acclaimed and widely-celebrated series Panchayat, have been waiting eagerly for the upcoming season of their favorite show. In order to sustain the fervor of audience enthusiasm, Prime Video launched a unique activity to unveil the launch date of the highly anticipated new season. Created by TVF, Panchayat has been delighting audiences with its rooted, heartwarming storyline and much-loved characters, since the launch of the series, 4 years ago.

prime video

Ahead of the next seasons’ date announcement, the streaming service launched an intriguing website www.panchayat3date.com, where audiences can pluck the ever-so-iconic Phulera ki laukis and unveil the official launch date. Simultaneously, the ‘laukis’ have taken over the billboards in the city, concealing the launch date. What’s more? The cast of Panchayat and several influencers took to their social media pages, nudging fans to take part in this unique initiative, by visiting the website and plucking the laukis to eventually reveal the date, once all the laukis are plucked.

News

CHARGE ZONE: British International Investment Commits to Boost EV Charging Network Expansion in India

Apr 30, 2024 by Sujata Muguda 0 Comments #British International Investment, #CHARGE ZONE, #Mr. Kartikey Hariyani, #Mr. Maheep Jain

Vadodara, India, 30th April 2024 – CHARGE ZONE, India’s fastest-growing electric vehicle (EV) charging network, announced that it has secured a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. This investment marks a pivotal milestone in CHARGE ZONE’s mission to revolutionize electric vehicle infrastructure in India.

With this new capital injection, CHARGE ZONE is poised to expedite the expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. This enables the company to roll out more than 1500 super-charging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. This forms part of their long-term plan to create a network of one million charging points by 2030. To fund the expansion, CHARGE ZONE has successfully raised a total of $54 million from investors.

charge zone

CHARGE ZONE’s expansion strategy will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bangalore and Chennai where the demand for EV charging infrastructure is rapidly growing. By deploying open-access hubs for fleet charging, CHARGE ZONE aims to facilitate the seamless transition to electric mobility for commercial fleets operating in urban centers.

“Our partnership with British International Investment is integral to our mission of driving widespread adoption of electric vehicles in India,” expressed Mr. Kartikey Hariyani, Founder and CEO of CHARGE ZONE. “This strategic investment not only bolsters our capacity for network expansion but also serves as a testament to our shared vision for a sustainable future. With this infusion of capital, we will accelerate our efforts in deploying state-of-the-art charging stations, ensuring that EV drivers across the nation experience unparalleled convenience and reliability. This investment is not just about funding; it’s a catalyst for transformation, empowering us to usher in a new era of electric mobility in India.”

Mr. Maheep Jain, CHARGE ZONE’s Board Member and Managing Director, Macquarie Capital said, “The automotive sector in India is heavily reliant on oil imports and is a large contributor of carbon emissions. With declining costs of electric vehicles and stable policy support, this sector is undergoing a multi-decade transformation towards electric mobility. CHARGE ZONE is addressing a critical bottleneck for EV adoption by developing a dense and reliable fast charging network. This commitment from BII will help accelerate CHARGE ZONE’s network expansion and support the Indian government’s EV ambitions.”

Srini Nagarajan, Managing Director and Head of Asia, at BII commented: “As the UK’s DFI with a focus on providing climate finance, we continue to play a key role in accelerating India’s clean energy transition. Our support of CHARGE ZONE’s expansion will address the challenge of an underdeveloped EV charging infrastructure, facilitate a more sustainable transportation system and make EVs a viable and accessible option for many across the country.”

The investment from BII not only accelerates CHARGE ZONE’s growth trajectory but also reinforces its position as a leader in India’s evolving EV landscape. By providing reliable, accessible, and sustainable charging infrastructure, CHARGE ZONE is driving positive change and laying the groundwork for a cleaner, greener future.