EV charging startup Kazam raises $8 million
Kazam EV Tech, which offers several charging products and services for electric vehicles, said on Monday that it raised $8 million in a funding round led by Vertex Ventures.
Existing investors like Avaana Capital and Alteria Capital, among others, also participated in this round, the company said.
Kazam plans to use the proceeds to strengthen its tech and product teams, increase its offerings and expand its market presence. The firm had raised about $11 million before the latest round, according to data from Tracxn.
With EV adoption in India expected to rise many fold, Kazam’s “charging in a box” solution becomes extremely critical to debottleneck the creation of a reliable EV charging network, Nikhil Marwaha, senior executive director at Vertex Ventures Southeast Asia and India, said in a news statement.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam offers a number of EV charging products like LEVAC Pro (for charging stations), Mini (for homes) and Kazam 7.4 kW. It also has a number of software solutions for charging management, fleet management, battery swapping management and EV mobile apps, among others.
The firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp and Ultraviolette, it said in the statement.
“Kazam’s software enables a diverse range of vehicles, including two-wheelers, commercial electric vehicles three-wheelers, and city buses, serving more than 25,000 charging points… (the firm) currently fuels over 15 million EV kilometres per month, with 10%
