NIIF and Macquarie in talks to pick stake in Tecso Charge Zone
NIIF) and Macquarie Group are in early stages of discussions to acquire a significant minority stake in Tecso Charge Zone, which operates top electric vehicle (EV) charging stations Charge+Zone, said multiple people aware of the development.
According to people aware of the development, Charge Zone is likely to raise about ₹300-350 crore from these investors. It's part of the series B round -where the startup plans to raise about $110 million (₹900 crore) at ₹1,500 crore valuation, said sources.
Tecso Charge Zone is a subsidiary of Tecso Global Ltd, a Gujarat-based group that has interests in service engineering, education and renewable energy.
At present, Charge+Zone has over 3,500 charging points across more than 1,600 charging stations located in 37 cities, covering more than 15,000 kilometres of highways. It serves around 10,000 EVs on a daily basis.
The company aims to reach one million charging points by 2030.
