Ahmedabad-based electric vehicle (EV) charging company, ChargeZone, has successfully raised an undisclosed investment from Macquarie Capital, marking another significant milestone in its mission to revolutionize urban transportation. In exchange for the investment, Macquarie Capital has acquired a minor stake in the startup.
The funds raised will be instrumental in supporting ChargeZone’s ambitious plans for the expansion of its cloud tech-enabled charging infrastructure across India. The startup, which has already secured a total funding of $71.2 million to date, aims to utilize this latest investment to further accelerate its growth in the rapidly evolving EV market.
Ivan Varughese, Senior Managing Director and Head of Infrastructure and Energy Capital, Asia Pacific at Macquarie Capital, emphasized the importance of the energy transition, stating, “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 decarbonization efforts in India.”
In its last funding round in March 2023, ChargeZone raised an impressive $54 million, valuing the company at $50.1 million. The startup’s roster of investors includes 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 company envisions a sustainable future and aims to reduce its dependency on non-renewable energy sources by leveraging solar and wind energy to power its charging stations by 2030.
ChargeZone has established itself as a key player in the EV charging infrastructure space, with partnerships with various original equipment manufacturers (OEMs) and e-mobility enablers. Notable partners include Hyundai Motor Company, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Hyatt, Fortune, and Marriott.
Presently operating in more than 37 cities across India, ChargeZone boasts over 3,500 charging points spread across 1,500 EV charging stations. The startup’s commitment to a sustainable and eco-friendly future aligns with the broader global efforts to transition towards cleaner energy alternatives.
