EV charging startup, Kazam has secured Rs 30 crore ($3.6 million) in a round led by Avaana Climate Fund.
Other investors include Third Derivative and existing investors—Inflection Point Ventures and We Founder Circle.
The Bengaluru-based startup added that it also plans to expand further in international markets such as the United States, where it currently has partnerships with two charge-point operators managing 3,000 vehicles.
In India, it enables over 60 charge-point operators, including large e-commerce companies, 2-wheeler original equipment manufacturers, and third-party logistics companies.
“The funds will be used to extend the offerings of the platform to its existing customers by investing in technology and product teams. The funds will also allow us to maintain our market leadership position in the e-mobility software segment,” said founder and CEO Akshay Shekhar.
Shekhar commented that the company plans to grow from 75 to about 140 staffers with the funding in place.
The global EV charging infrastructure market is expected to grow exponentially from $7.7 billion in 2020 to $27.7 billion by 2025, at a growth rate of 29.4%, the statement added.
“Kazam’s hardware-agnostic capabilities position it well to capitalize on the growing demand for EVs in India as well as globally. We are confident that with Kazam’s ability to drive data-led intelligence to grid, fuelling and fleet operations, it will play a leading role in democratizing access to EVs,” said Swapna Gupta, Partner at Avaana Climate Fund.
The company offers hardware and software products for charging electric vehicles.
The software product is Kazam CMS, developed for electric vehicle fleets, charge point operators, charging station manufacturers, and commercial properties like workplaces and societies, which will allow them to set up their own charging network.
The hardware product includes two 3.3 KW AC smart charging stations meant for electric cars and two-wheelers.
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