Kazam, a Bangalore-based e- mobility solutions technology company, has successfully raised $8 million in a Series A3 funding round. This investment is a significant boost for the company, which specializes in creating innovative software and hardware solutions for the electric vehicle (EV) market. This funding was spearheaded by Vertex Ventures Southeast Asia and India, with participation from existing investors such as Avaana Capital and Alteria Capital. This round of funding represents a significant milestone for Kazam and the broader Indian electric vehicle (EV) sector.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam aims to tackle key issues within the EV industry, notably the widespread concern of range anxiety—drivers’ fears that their EVs might not have sufficient battery life to reach their destinations. Kazam addresses this challenge with an array of software and hardware solutions designed to aid charge point operators, fleet managers, and power grids. Their software currently supports a variety of electric vehicles and manages over 25,000 charging points across the country.
Co-founder and CEO Akshay Shekhar expressed his enthusiasm about the company’s growth trajectory: “Over the past year, we’ve seen our monthly transactions and the number of EV kilometers fueled increase by tenfold. This investment will help us to further expand, innovate, and solidify our position as leaders in the e-mobility space.”
The new capital will be used to enhance Kazam’s technology and product teams, improve platform capabilities, and expand its market reach. Akshay Shekhar highlighted the company’s substantial growth in monthly transactions and EV kilometers powered in the last year, underscoring the role of the new investment in driving the company’s expansion and innovation initiatives. Prior to this latest funding round, Kazam had already amassed around $11 million, according to data from Tracxn.
As EV adoption is expected to multiply in India, Kazam’s innovative “charging in a box” solution is poised to play a critical role in developing a robust EV charging infrastructure. Nikhil Marwaha, Senior Executive Director at Vertex Ventures Southeast Asia and India, remarked, “Kazam’s comprehensive platform is crucial for addressing the challenges of building a reliable EV charging network as the country embraces electric vehicles.”
Swapna Gupta from Avaana Capital commended Kazam’s efforts to facilitate EV adoption and its success in establishing a vast global charging platform for electric mobility. Recently, the company launched a fast-charging solution specifically designed for electric two-wheelers and three-wheelers. Kazam reports that it powers over 15 million EV kilometers every month, with 10% of this usage attributed to international clients.
Kazam has also forged partnerships with prominent companies like BigBasket, Zypp, and Mahindra Logistics, and its network includes collaborations with major vehicle manufacturers such as Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette. Furthermore, Kazam has teamed up with Google Maps to integrate navigation features for EV charging stations, offering detailed information about charger types across India.
