Relux Electric Raises INR 250 Cr for South India EV Charging Network Expansion The Chennai-based platform aims to deploy the raised funds to set up 20 hyper-charging stations on South India's highways over the next eight months.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
EV charging infrastructure company Relux Electric announced that it has raised INR 250 crore from a group of private real estate and infrastructure investors on a revenue-sharing basis, without any equity dilution.
According to the official release, the company plans to use the raised funds to set up 20 hyper-charging stations on South India's highways over the next eight months.
Dr Karthikeyan Santharam, the Managing Director and CEO of Relux, said, "Relux has identified land parcels on busy highways such as NH 44, NH 45, and NH 556. The company will procure land and set up the charging stations, each occupying an area of 1 to 1.5 acres."
Established in 2009, Relux, which currently operates over a hundred charging stations in India along highways that cater to private vehicles, will also soon launch a business unit to set up charging stations for fleet operators and commercial electric vehicle (EV) owners.
According to Dr Santharam, these forthcoming charging stations are anticipated to cater to a diverse array of vehicles, with each station capable of accommodating up to 10 small to medium-sized cars, 10 high-end cars, two buses, and a truck simultaneously.
The charging times will be customised for different types of vehicles, meaning that a four-wheeler will take 18 minutes to fully charge, while three-wheelers can be fully recharged in 10 minutes. The stations will include shopping amenities as well as eateries.
According to the company, it is in discussions with investors to explore financing possibilities for a more vigorous national expansion.
The company said it is talking to investors to explore further funding avenues for accelerated nationwide expansion.
