ThunderPlus, one of India’s fastest-growing EV charging infrastructure companies, has secured ₹3 Crore in structured institutional debt funding from the State Bank of India under the Government of India’s CGTMSE framework. With this milestone, ThunderPlus becomes the first profitable Charge Point Operator (CPO) in India to receive institutional bank debt, a strong validation of a model built on financial discipline, operational efficiency, and utilization-led growth.
Founded in January 2024, ThunderPlus adopted a differentiated expansion strategy in a sector often characterized by high capital burn. Instead of prioritizing rapid footprint growth, the company focused on demand density, corridor connectivity, and strong unit economics. This disciplined approach enabled ThunderPlus to close FY24–25 with ₹10+ Crore in revenue and positive EBITDA, a rare achievement in India’s EV charging landscape. The company has since surpassed its first-year performance and is on track to close ₹16 Crore in revenue by March 2026, reflecting a sustained 60% growth trajectory while maintaining profitability.
The ₹3 Crore SBI facility followed comprehensive institutional due diligence, including detailed financial scrutiny, operational assessment, cash-flow validation, and long-term business model evaluation. The approval signals increasing institutional confidence that EV charging infrastructure, when built with governance and execution rigour, can qualify as a bankable and scalable infrastructure asset class.
“It is very inspiring to witness the journey of ThunderPlus. What makes it even more remarkable is that this organization is based right here in Hyderabad and is fundamentally very strong. SBI is very proud to support ThunderPlus in its growth, and we look forward to actively participating in and contributing to this incredible growth story even more”— Srinivasu Pamu, Asst General Manager, Commercial Branch Secunderabad.
Commenting on the milestone, 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.”
The funds will be deployed toward expanding charging infrastructure along high-demand corridors, increasing ultra-fast charging capacity, optimizing working capital cycles, and strengthening strategic ecosystem partnerships. ThunderPlus will continue to follow its measured expansion philosophy, ensuring each deployed asset enhances utilization and unit-level profitability before scaling further.
Beyond financial performance, ThunderPlus is also driving measurable environmental impact. The network dispenses approximately 16,000 units of clean energy daily, enabling nearly 60 million green kilometres annually and offsetting an estimated 10,000 metric tonnes of CO₂ each year equivalent to planting around 300,000 trees.
With institutional backing now secured and consistent profitability demonstrated, ThunderPlus stands at the forefront of India’s evolving EV infrastructure ecosystem setting a new benchmark for bankability, governance, and sustainable growth.
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