A Series A3 investment round led by Kazam, an e-mobility technology firm, just raised $8 million. Vertex Ventures Southeast Asia and India led this funding, with additional contributions from Alteria Capital, Avaana Capital, and a number of other investors.
With less than 5% of the market currently held by EVs, the Indian EV market is expected to grow significantly in the near future. By providing software and hardware solutions that serve Charge Point Operators, Fleet Operators, and Electricity Grids, Kazam addresses the demand for scalable EV infrastructure to reduce range anxiety and boost market growth. This digitizes the e-mobility value chain.
Kazam intends to expand its market reach, improve platform services, grow its technical and product development teams, and boost its capital with this most recent round of funding.
The CEO and co-founder of Kazam, Akshay Shekhar, highlighted the company’s notable increase in EV kilometers driven over the past year as well as monthly transactions. He underlined that the company’s development and innovation will be further fueled by this fresh investment.
Vertex Ventures Southeast Asia & India’s Nikhil Marwaha praised Kazam for its extensive platform, which he believes is essential to building a trustworthy EV charging network in tandem with India’s growing EV adoption.
Avaana Capital’s Swapna Gupta commended Kazam for its successful establishment of a well-known worldwide charging network for electric vehicles as well as its initiatives to make EV adoption simpler.
Currently, Kazam’s software runs over 25,000 charging stations and supports a wide variety of electric vehicles. Recently, the business introduced a fast charging function designed especially for electric tricycles and two-wheelers.
According to Kazam, it fuels more than 15 million electric vehicle kilometers each month, with 10% of its customers being from outside the country. The company collaborates closely with leading automakers including Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette and has formed alliances with prominent businesses like BigBasket, Zypp, and Mahindra Logistics.
In addition, Kazam has partnered with Google Maps to incorporate EV charge point navigation functionalities and furnish exhaustive information on charger varieties across India.
