[Funding alert] EV Charging Platform ChargeZone Secures Funding From Macquarie Capital

To assist ChargeZone in expanding its network of cloud-enabled EV chargers, the Indian firm has received funding from Macquarie Capital, the main investment arm of Australia’s Macquarie Group.

The acquisition of ChargeZone by Macquarie Capital occurs at a moment when the electric vehicle (EV) market in India is seeing rapid growth as a result of growing EV adoption and increasing sub-sectors’ investments.

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Ivan Varughese, senior MD and head of infrastructure and energy capital, Asia Pacific at Macquarie Capital, said, “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.”

With its headquarters in India and in-house development of mobile applications and CMS using firmware and web socket cloud computing, CHARGEZONE is a company dedicated to building 100,000 charging stations for electric vehicles (EVs) in India’s major marketplaces, including automobiles, buses, and even trucks.

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“Our ultimate goal has been to accelerate the adoption of electric vehicles and the deployment of EV charging infrastructure throughout India. This collaboration with Macquarie Capital marks a significant milestone in our relentless pursuit of that goal… supporting the nation’s objectives of reducing carbon emissions and promoting clean mobility,” ChargeZone founder and CEO Kartikey Hariyani said.

According to ChargeZone, there were over 3,500 outlets for charging spread among approximately 1,500 EV charging facilities that were either operational or under development in 37 Indian cities as of the end of March 2023, as reported by Inc42.

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About CHARGEZONE

A tech-driven provider of EV charging infrastructure, CHARGEZONE specialises in opportunity-based and dedicated B2B and B2C charging services via smart-grid networks.