Existing investors Avaana Capital and Alteria Capital, among others, also participated in this round, the company said.
kazam plans to use the proceeds to strengthen its technology and product teams, increase its offering and expand its market presenceThe firm had raised about $11 million before the latest round, according to Tracxn data.
With Adoption of electric vehicles In India, the demand for electric vehicles is expected to increase many-fold, making Kazam’s “charging-in-a-box” solution extremely critical to decongest the creation of a reliable EV charging network, Nikhil Marwaha, Senior Managing Director, Southeast Asia and India, Vertex Ventures, said in a press release.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam offers a range of EV charging products such as LEVAC Pro (for charging stations), Mini (for homes) and Kazam 7.4 kW. It also has a range of software solutions for charging management, fleet management, battery swap management, and EV mobile apps, among others.
The company works with companies like BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, MotoCorp Hero and Ultraviolette, it said in the statement.
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“Kazam’s software enables a wide range of vehicles, including two-wheelers, commercial three-wheeler EVs and city buses, to service over 25,000 charging points… (the company) currently fuels over 15 million EV kilometres a month, with 10% of its contributions coming from international customers across the Global South,” it added. ET reported in February that government officials, especially from the power ministry, have been regularly consulting with companies in the EV ecosystem to drive interoperability across charging standards. In March last year, the government had announced a Rs 800 crore subsidy for state-owned oil marketing companies to set up 7,432 EV charging stations.
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