Kazam secures Series A3 funding to expand its charging solutions throughout India’s growing electric vehicle market. The company intends to alleviate range anxiety and gain national EV uptake through its software and hardware systems.
Kazam, a venture in e-mobility technology, recently raised $8 million in a Series A3 financing round. This funding was spearheaded by Vertex Ventures Southeast Asia and India, along with contributions from Avaana Capital, Alteria Capital, and several other investors.
Currently, the Indian Electric Vehicle (EV) market, which boasts less than 5% market penetration, is poised for significant expansion. Addressing the need for scalable EV infrastructure to mitigate range anxiety and support market growth, Kazam offers software and hardware solutions that cater to Charge Point Operators, Fleet Operators, and Electricity Grids, thereby digitizing the e-mobility value chain.
With this latest influx of capital, Kazam plans to increase its technological and product development teams, enhance its platform services, and extend its market footprint.
Akshay Shekhar, co-founder and CEO of Kazam, noted the company’s substantial growth in monthly transactions and EV kilometres, which was fueled over the last year. He emphasized that this new investment will propel further growth and innovation within the company.
Nikhil Marwaha of Vertex Ventures Southeast Asia & India commended Kazam for its comprehensive platform, which he sees as crucial for developing a dependable EV charging network in line with the rising EV adoption in India.
Swapna Gupta from Avaana Capital praised Kazam for its efforts to facilitate easier EV adoption and its success in establishing a prominent global charging platform for electric mobility.
Kazam’s software supports a diverse range of electric vehicles and currently operates over 25,000 charging points. The company recently launched a fast charging feature specifically for electric two-wheelers and three-wheelers.
Kazam reports that it fuels over 15 million EV kilometres monthly, with 10% of its service utilized by international clients. The company has established partnerships with notable firms such as BigBasket, Zypp, and Mahindra Logistics and works closely with major vehicle manufacturers like Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette.
Furthermore, Kazam has collaborated with Google Maps to integrate EV charge point navigation features and provide comprehensive details on charger types throughout India.
