ChargeZone, an EV charging company based in Ahmedabad, has secured an undisclosed investment from Macquarie Capital, signifying a notable achievement in its efforts to transform urban transportation. In return for the investment, Macquarie Capital has gained a minority share in the startup. The raised funds will play a crucial role in supporting ChargeZone's ambitious plans to expand its cloud technology-enabled charging infrastructure throughout India. With a cumulative funding of $71.2 million received thus far, the startup intends to use this recent investment to expedite its advancement in the swiftly evolving EV market.

Ivan Varughese, the Senior Managing Director and Head of Infrastructure and Energy Capital in the Asia Pacific at Macquarie Capital, highlighted the significance of the energy transition, affirming their commitment to utilizing extensive sector knowledge to aid clients in developing sustainable infrastructure assets that promote community connectivity and drive decarbonization initiatives in India. In the previous funding round held in March 2023, ChargeZone successfully secured $54 million, leading to a valuation of $50.1 million for the company. Noteworthy investors in ChargeZone include BlueOrchard Finance S A, Venture Catalysts, Z Nation Lab, and Steer Advisors, among others.

Kartikey Hariyani, Founder and CEO of ChargeZone, expressed optimism about the partnership, emphasizing its role in accelerating efforts to establish a more eco-friendly and efficient urban transportation landscape. The company aims to reduce reliance on non-renewable energy sources by harnessing solar and wind energy to power its charging stations by 2030, aligning with its vision for a sustainable future. ChargeZone has solidified its position as a prominent player in the EV charging infrastructure sector, forming partnerships with various original equipment manufacturers (OEMs) and e-mobility facilitators. Notable collaborations include those with Hyundai Motor Company, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, as well as hospitality brands such as Hyatt, Fortune, and Marriott.