Accelerating the growth of electric vehicle infrastructure and green mobility in India

Macquarie Capital has acquired a significant minority stake in TecSo Charge Zone Limited (“ChargeZone”), one of the leading providers of fast-charging infrastructure in India.

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Sector Infrastructure
Sub-sector Transport
Location India


India is now the world’s most populous country, with rising consumer demand and a growing manufacturing sector.1 This creates extra demand for energy and transportation which will drive a significant rise in the country’s energy imports.2 As such, the Indian Government has stressed the need to decarbonise the transport sector and set target of 30 per cent electrification of country’s vehicles by 2030.3 Accelerating the deployment of rapid-charging infrastructure will help facilitate this transition.

ChargeZone, which was founded in 2018 and is headquartered in Gujarat, India, provides fast-charging infrastructure across India. The business operates a network of charging stations, supporting business fleet customers – including bus and car fleet operators.

Being an early mover in the EV space, ChargeZone has partnerships with OEMs, eMobility and fleet management companies, including Audi, Hyundai, MG Motors, Kia, Mahindra & Mahindra, Switch Mobility, AshokLeyland, VolvoEicher, Tata Motors, SnapE, and Everest Fleet.


In December 2023, Macquarie Capital made an investment in ChargeZone. This will support ChargeZone’s commitment to transitioning India’s urban transportation towards sustainability, supporting the nation’s objectives of reducing carbon emissions and promoting clean mobility.

The value of the EV market in India is expected to be worth approximately $US206 billion by 2030 if India maintains steady progress towards its 2030 electrification target.4  Meeting such a target requires a cumulative investment of over $US180 billion in vehicle production and charging infrastructure between now and then.5 Maintaining momentum in electric mobility requires continued investment in the roll-out of charging solutions for personal and commercial vehicles.

Macquarie’s approach to climate includes leveraging our knowledge and networks to help others decarbonise. This involves partnering to scale clean energy solutions and support their decarbonisation journeys. The partnership with ChargeZone will leverage both partners’ experience and expertise to accelerate the energy transition in India.


Macquarie Capital’s investment will further support ChargeZone in increasing the network of fast-charging infrastructure across India in strategic partnership with leading OEMs and other stakeholders in the electric vehicles industry in India.

Macquarie Capital also intends to help ChargeZone explore collaboration opportunities in the country to enable greater access to competitive capital, allowing it to raise further funds for future growth.

3,500 +

charging points in India6

1,500 +

EV charging stations in operation or under construction6


cities in India with a ChargeZone presence6

We are excited to support ChargeZone in expanding its portfolio of electric transportation infrastructure, while progressing the wider and faster adoption of electric vehicles. The energy transition continues to be a key area of focus for us, 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.”

Ivan Varughese
Senior Managing Director and Head of Infrastructure and Energy Capital,
Asia Pacific, Macquarie Capital

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