Macquarie Capital Invests In EV Charging Startup ChargeZone

Macquarie Capital, the principal investment arm of Australia’s Macquarie Group, has invested in EV charging startup ChargeZone to help the Indian startup further develop its cloud technology-enabled EV charging network. 

Without disclosing the investment amount, Macquarie Capital, in a statement, said it has acquired a minority stake in ChargeZone.

Speaking about the investment, 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.”

Macquarie Capital’s investment in ChargeZone comes at a time when the EV space in India is booming due to rising adoption of such vehicles and increasing investments across sub-sectors. 

Macquarie Capital said that India is now the world’s most populous country, with rising consumer demand and a growing manufacturing sector. This creates extra demand for energy and transportation, which will drive a significant rise in the country’s energy imports. The investment firm expects this to lead to more electrification of vehicles in the country.

Founded in 2018 by Kartikey Hariyani, ChargeZone is a tech-driven EV charging network startup that provides a high-speed charging network for ebuses, etrucks, and ecars. It specialises in B2B and B2C charging services on both dedicated and opportunity-based charging, using smart-grid networks.

As of March 2023, ChargeZone claimed to have had over 3,500 charging points across more than 1,500 EV charging stations in operations or construction across 37 Indian cities. 

The startup aims to reach 1 Mn charging points by 2030. It also aims to increasingly integrate solar and wind power generation for the charging stations.

In the statement, ChargeZone founder and CEO Hariyani said that the partnership with Macquarie Capital will accelerate the startup’s 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… supporting the nation’s objectives of reducing carbon emissions and promoting clean mobility,” he said.

In March this year, ChargeZone raised $54 Mn in its Series A1 funding round in a mix of equity and debt, led by global impact investment manager BlueOrchard Finance, to immediately roll out over 250 charging stations.

The startup was also looking to raise $75 Mn-$100 Mn in equity as part of its Series A2 funding round between 2023 and 2024. However, it is not clear yet if Macquarie Capital’s investment is a part of this round.

ChargeZone competes with the likes of BOLT, Statiq, and Tata Power.