Bengaluru-based EV SaaS startup Kazam has raised Rs 30 crore or $3.6 million in funding round led by Avaana Climate Fund, with participation from Third Derivative and existing investors Inflection Point Ventures and We Founder Circle.
According to the company, the raised capital will be used towards expanding its presence further in international markets such as the United States and focus on product development.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an internet-of-things (IoT) based platform that enables electric vehicles (EV) charging & swapping operators
As part of the expansion plans, Kazam plans to integrate 60,000 charging and swapping stations with its operating system in the next 14-15 months. It currently has over 7,000 charging points under management.
In India, The startup enables over 60 charge-point operators, including large e-commerce companies, 2-wheeler original equipment manufacturers, and third-party logistics companies.
It claims to have a client base in regions, including USA, Europe, and the Asia-Pacific region.
"The funds will be used to extend offerings of the platform to its existing customers by investing in technology and product teams. The funds will also allow us to maintain our market leadership position in the e-mobility software segment,” said founder and CEO Akshay Shekhar. Shekhar told ET that the company plans to grow from 75 to about 140 staffers with the funding in place.
The global EV charging infrastructure market is expected to grow exponentially from $7.7 billion in 2020 to $27.7 billion by 2025, at a growth rate of 29.4%, the statement added. “Kazam's hardware-agnostic capabilities position it well to capitalise on the growing demand for EVs in India as well as globally. We are confident that with Kazam’s ability to drive data-led intelligence to grid, fuelling and fleet operations, it will play a leading role in democratising access to EV,” said Swapna Gupta, Partner at Avaana Climate Fund.