In a Series A3 funding round, $8 million has been obtained by Kazam. Avaana Capital, Alteria Capital, and other investors joined Vertex Ventures Southeast Asia and India in leading the investment.
With a current penetration rate of less than 5%, the Indian electric vehicle (EV) industry is anticipated to rise rapidly in the upcoming years. A scalable electric vehicle infrastructure is required to handle range anxiety and facilitate this growth. In an effort to digitize the e-mobility value chain, Kazam has developed hardware and software solutions that assist electricity grids, fleet operators, and charge point operators.
Kazam plans to use the additional financing to grow its product and technology teams, enhance its platform services, and penetrate new markets.
The co-founder and CEO of Kazam, Akshay Shekhar, reported that throughout the previous year, the company’s monthly transactions and EV kilometers fueled saw notable development. He said that the investment will support the company’s efforts to innovate and develop faster.
As EV adoption rises in India, Nikhil Marwaha of Vertex Ventures Southeast Asia & India emphasized Kazam’s full-stack technology and its potential significance in developing a dependable EV charging network.
Avaana Capital’s Swapna Gupta highlighted Kazam’s emphasis on facilitating EV adoption and its accomplishment in creating a sizable worldwide network of charging stations for electric vehicles.
Kazam software supports various types of electric vehicles and serves over 25,000 charging points. The company recently introduced a fast-charging option for electric two-wheelers and three-wheelers.
The company reports fueling over 15 million EV kilometers monthly, with 10% of its contributions coming from international clients. Kazam has partnerships with companies like BigBasket, Zypp, and Mahindra Logistics, and its reach extends to major vehicle manufacturers including Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette.
Kazam has also partnered with Google Maps to integrate navigation features for EV charge points and provide detailed information about charger types across India.