ThunderPlus raises ₹3 crore debt to expand EV charging network

ThunderPlus has recently secured ₹3 crore in structured debt funding from State Bank of India to expand its electric vehicle (EV) charging infrastructure across high-demand corridors in the country.

The company in an official statement said that the funds will be used to expand charging infrastructure along high-demand routes, increase ultra-fast charging capacity, improve working capital cycles and strengthen ecosystem partnerships, added the company.

Rajeev YSR, Executive Director and Chief Executive Officer, ThunderPlus, said that the funding represents a validation of the company’s strategy of building a financially sustainable EV infrastructure network.“This is not just funding, it is institutional validation. From day one, we focused on building a charging network rooted in profitability, operational efficiency and responsible capital deployment,” he said.The company has become the first profitable charge point operator in India to receive institutional bank debt, it added. The funding was extended under the government-backed Credit Guarantee Fund Trust for Micro and Small Enterprises framework, which supports financing for small and medium enterprises.

Founded in January 2024, the company has focused on a demand-driven expansion strategy, prioritising corridor connectivity, strong utilisation rates and sustainable unit economics instead of rapid footprint expansion.

This approach helped the company close FY24–25 with revenue exceeding ₹10 crore and positive EBITDA, which is relatively uncommon in India’s EV charging sector where many operators remain in early investment phases.

The company expects its revenue to reach around ₹16 crore by March 2026, reflecting an estimated 60 per cent growth trajectory while maintaining profitability.

It said that it will continue to follow a measured expansion strategy, ensuring that each new charging asset achieves strong utilisation and unit-level profitability before scaling further.