Electric Mobility Startup Kazam To Raise $6 Mn

SUMMARY

While Vertex Ventures SEA Fund and IFC VVSEA Co-Invest LP will jointly invest $4.9 Mn, Avaana Capital and Chakra Growth Capital will infuse $1.01 Mn and $0.9 Mn, respectively

The fresh capital will help the startup to fuel its growth and expansion plans

Founded in 2020, Kazam operates an EV charging software platform focused on building smart and affordable charging networks

Update | June 23, 2:55 PM

Electric mobility startup Kazam has raised raised $6.2 Mn in Series B funding, led by the International Finance Corporation (IFC) with participation from Vertex Ventures SEA & India and Avaana Capital.

With this fresh funding, Kazam claims to have raised a total of $19.2 Mn to date, including $13 Mn in equity capital from previous rounds led by Avaana Capital Advisors, Vertex Ventures SEA & India, and Chakra Ventures.

Original | June 9, 6:49 PM

Electric mobility startup Kazam is set to raise $6 Mn (around INR 51 Cr) in a fresh funding round led by existing investor Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital.

As per the startup’s MCA filing accessed by Inc42, Kazam passed a special resolution to approve the issue of 36,410 Series B compulsory convertible preference shares having a face value of INR 10 each, at an issue price of $165.06 each.

While Vertex Ventures SEA Fund and IFC VVSEA Co-Invest LP, representing Vertex Ventures, will jointly invest $4.9 Mn, Avaana Capital and Chakra Growth Capital will infuse $1.01 Mn and $0.9 Mn, respectively.

The fresh capital will help the startup to fuel its growth and expansion plans.

Following the funding round, Vertex Ventures and IFC VVSEA Co-Invest will together hold a 22.88% stake in the company, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively.

Entrackr reported the development first.

Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam operates an EV charging software platform focused on building smart and affordable charging networks. Its offerings span both hardware and software solutions.

On the hardware front, the company primarily provides EV charging infrastructure. On the software side, it offers a suite of solutions including fleet management systems, charging management tools, and battery swapping management, among others.

To date, Kazam claims to have onboarded around 68,000 chargers, managed over 5 Mn charging sessions, delivered 45 GWh of energy, reduced approximately 46,000 tonnes of CO₂ emissions, and served nearly 170,000 users.

Its technology is designed to support a wide range of electric vehicles, including two-wheelers, three-wheelers, city buses, and commercial electric vehicles (CEVs).

Kazam competes with players such as Bolt.Earth and Battery Smart, and works with prominent mobility and delivery brands like BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette.

In August last year, Kazam raised $8 Mn in its Series A3 funding round led by Vertex Ventures Southeast Asia and India, Avaana Capital, and Alteria Capital. The funds were aimed at strengthening its technology and product teams, enhancing its platform capabilities, and expanding its market footprint.