Macquarie secures minor stake in EV charging startup ChargeZone

EV charging company ChargeZone said it has raised undisclosed investment from Macquarie Capital in exchange for a minor stake.

The startup said it will use the funds to grow and support the expansion of its cloud tech-enabled charging infrastructure in India.

"The energy transition continues to be a key area of focus, as we leverage our deep sector expertise to help clients develop sustainable and critical infrastructure assets that connect local communities and drive decarbonisation efforts in India," said Ivan Varughese, senior managing director and head of infrastructure and energy capital, Asia Pacific at Macquarie Capital.

The Ahmedabad-based startup has raised a total of $71.2 million in funding to date, according to data aggregator Tracxn. In its last funding round in March 2023, it raised $54 million, which valued the company at $50.1 million.

ChargeZone's investors include BlueOrchard Finance S A, Venture Catalysts, Z Nation Lab, and Steer Advisors, among others.

"This partnership will accelerate our efforts to create a greener and more efficient future for urban transportation," said Kartikey Hariyani, Founder and CEO of ChargeZone.

The startup counts various original equipment manufacturers (OEMS) and e-mobility enablers, including Hyundai Motor Company, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Hyatt, Fortune, and Marriott as its partners.

Present in more than 37 Indian cities, ChargeZone has over 3,500 charging points across 1,500 EV charging stations. The company aims to leverage solar and wind energy to supply energy to its charging stations by 2030, thereby reducing dependency on energy produced from non-renewable sources.