The new funding is intended to advance Kazam’s technology and product development, scale the platform’s offerings, and expand its market presence. In an interview with CNBC-TV18, Akshay Shekhar, Co-Founder and CEO of Kazam, said, “With this fundraise we are going to expand in the market. Kazam is a very collaborative player in the market. We work with the largest vehicle OEMs in the two-wheeler and three-wheeler space. We work with large e-commerce players and we would grow along with them as they expand the number of PIN codes in the market. So, getting market access to these PIN codes as we launch city by city is one of the biggest things that we will solve. Secondly, we want to solve the products. So, we want to expand our product offering. We are launching one of the fast chargers, which charges two-wheelers and three-wheelers in 15-20 minutes. And this is in tandem with the large vehicle OEMs. “We want to double down on our efforts in building new products for the market, be it our SaaS offering for managing and monitoring power or vehicle management along with our access to charging points that we already offer. Therefore, the financing will be used for two parts: one is the products and the second is market access.”
Over the last 8 months, the company has expanded its presence from 1,000 PIN codes to 5,000. The company now aims to reach around 10,000 PIN codes in India and plans to penetrate international markets such as Sri Lanka, Nepal and East Africa, facilitated by OEM partnerships.
Shekhar highlighted Kazam’s latest innovation, the LEV-DC, a fast charger for two- and three-wheelers capable of charging vehicles in 15-20 minutes. “Our LEV-DC chargers are designed for interoperability, allowing vehicles of any brand to be charged at any of our locations,” he added.
The company currently has 30 LEV-DC fast chargers in the market and plans to install around 400 charging points in the next 12 months, Shekhar said.
In a separate development, renewable energy solutions platform Fourth Partner Energy has raised $275 million from global impact investors IFC, ADB and DEG in its third major funding round.
The consortium’s investment will inject capital to fund Fourth Partner Energy’s business expansion plans, which include a target portfolio of 3.5 gigawatts of renewable energy assets by 2026.
Saif Dhorajiwala, co-founder of Fourth Partner Energy, highlighted the importance of this funding for their expansion plans. “Capital is essential for our growth. This investment will fund committed projects and help us meet the growing demand for renewable energy among our customers. Many of them are committed to RE100 and net-zero targets, driving the need for more renewable energy solutions,” he said.
The company’s business model involves building and owning renewable energy assets and supplying energy to commercial and industrial customers over the long term.
Fourth Partner Energy is on track to achieve revenues of around Rs 2,500 crore this year, with expected growth to Rs 3,500 crore next year.
Meanwhile, Scimplify, a startup specializing in specialty chemicals manufacturing, has raised $9.5 million in a Series A funding round led by Omnivore. Founded in 2023, Scimplify offers an end-to-end contract manufacturing platform for agrochemicals, pharmaceutical APIs, and flavors and fragrances.
With this latest funding, Sachin Santhosh, co-founder of Scimplify, highlighted the company’s aim to enhance its R&D capabilities and expand its global presence. “We plan to invest in our R&D infrastructure and scale our scientific and engineering teams. Additionally, we aim to establish a physical presence in new geographies to better serve our global customers,” Santhosh explained.
Scimplify has already served around 200 customers and works with 30 factories producing a range of products. The company has seen significant growth, with revenues increasing tenfold over the past eight months and aims to reach annual revenues of approximately $50 million this year. The company also expects to reach profitability in the next 10 to 12 months.
Watch the attached video for more information.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.