EV charging infrastructure company ThunderPlus has secured ₹3 crore in structured debt funding from the State Bank of India (SBI) under the Government of India’s Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. The company said the funding will be used to expand its EV charging infrastructure and support operational needs.
Company Background and Business Model
ThunderPlus was founded in January 2024 and operates as a charge point operator (CPO) focused on building EV charging infrastructure across key mobility corridors and urban locations. The company stated that its expansion strategy has focused on deploying charging stations in locations with consistent demand rather than prioritising rapid geographic expansion.
According to the company, it reported revenue of more than ₹10 crore in the financial year 2024–25 and recorded positive EBITDA. ThunderPlus expects its revenue to reach around ₹16 crore by March 2026.
SBI Funding and Due Diligence
The ₹3 crore loan was sanctioned by SBI’s Commercial Branch in Secunderabad after a review process that included financial analysis, operational assessment, and evaluation of the company’s business model and cash flow projections.
Srinivasu Pamu, Assistant General Manager at SBI’s Commercial Branch in Secunderabad, said the bank is supporting ThunderPlus as it expands its operations.
Planned Use of Funds
ThunderPlus said the funds will be used for:
- Expansion of EV charging stations along key highways and urban corridors
- Installation of additional fast-charging infrastructure
- Working capital requirements
- Partnerships within the EV ecosystem
Current Network and Energy Output
The company stated that its charging network currently supplies around 16,000 units of electricity daily to electric vehicles. Based on company estimates, this usage supports approximately 60 million electric vehicle kilometres annually and reduces around 10,000 metric tonnes of carbon dioxide emissions each year.
ThunderPlus said it plans to continue expanding its charging network while maintaining operational efficiency and utilisation of installed charging stations.
Rajeev YSR, Executive Director & CEO, ThunderPlus, said: “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. In a sector often perceived as capital-heavy and burn-driven, we chose disciplined growth supported by strong utilization and governance standards. We thank all our customers, partners & stake holders for trusting us. This is just the beginning as we are continuing our conversations with other PEs and VC firms. The depth of due diligence undertaken by SBI reinforces our confidence in our systems, financial discipline, and long-term execution capability. We are building an infrastructure business designed to endure.”
