Kazam raises Series A3 funding to expand its innovative charging solutions across India's growing electric vehicle market, aims to address range anxiety and support the nation's EV adoption through its integrated software and hardware platforms.
12 Aug 2024 | 1409 Views | By Sarthak Mahajan
Kazam, a technology company focusing on e-Mobility solutions, has secured $8 million in a Series A3 funding round. The investment was led by Vertex Ventures Southeast Asia and India, with participation from Avaana Capital, Alteria Capital, and other investors.
The Indian Electric Vehicle (EV) market, currently at less than ...
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Kazam, a technology company focusing on e-Mobility solutions, has secured $8 million in a Series A3 funding round. The investment was led by Vertex Ventures Southeast Asia and India, with participation from Avaana Capital, Alteria Capital, and other investors.
The Indian Electric Vehicle (EV) market, currently at less than 5% penetration, is expected to grow significantly in the coming years. To support this growth and address range anxiety, a scalable EV infrastructure is needed. Kazam's software and hardware solutions are designed to support Charge Point Operators, Fleet Operators, and Electricity Grids, aiming to digitize the e-mobility value chain.
With the new funding, Kazam intends to expand its technology and product teams, improve its platform offerings, and increase its market presence.
Akshay Shekhar, Co-Founder & CEO of Kazam, stated that the company has seen significant growth in monthly transactions and EV kilometers fueled over the past year. He expressed that the investment will help accelerate the company's growth and innovation efforts.
Nikhil Marwaha from Vertex Ventures Southeast Asia & India highlighted Kazam's full-stack platform and its potential importance in creating a reliable EV charging network as EV adoption increases in India.
Swapna Gupta from Avaana Capital noted Kazam's focus on easing EV adoption and its success in building a large global charging platform for electric mobility.
Kazam's 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.