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The principal investment arm of Macquarie Group has announced a strategic investment in the EV charging company ChargeZone.
The EV charging start-up said that 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 start-up has raised a total of $71.2 million in funding to date, according to 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. 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 and signifies our commitment to transitioning India’s urban transportation towards sustainability, supporting the nation’s objectives of reducing carbon emissions and promoting clean mobility,” said Kartikey Hariyani, Founder and CEO of ChargeZone.
The EV firm ChargeZone claimed it has 3,500+ charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities and has covered more than 20,000 kms of highways.
The start-up 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.
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