Kazam Funding: Kazam raises 3.6 million USD in a funding round led by Avaana Climate Fund
EV startup Kazam, an agnostic EV charging software platform building India's largest EV charging station network for Charge Point Operators, Fleet Operators, e-commerce players, and vehicle OEMs has fundraised US$ 3.6 million in a funding round led by Avaana Climate Fund. The company has been building its flagship EV fuelling platform and now aims to build a one-stop e-mobility software platform – to make the complete value chain technologically advanced from managing energy from the grid to fuelling an EV to managing a fleet.
The Avaana Climate and Sustainability Fund is a financial vehicle that invests in companies and projects that promote sustainability and mitigate the impact of climate change. The fund is managed by Avaana Capital, an India-based venture capital firm that focuses on technology and innovation.
Kazam already raised 7 crores in a seed round led by Inflection Point Ventures (IPV) last year. Other investors in the company are Third-party derivatives and We Founder Circle.
Kazam said the Avana Capital funding will be used to expand services to EV users and existing customers of Kazam through technology innovation and strengthen the development team to upgrade the product offerings to the EV fleet operators and OEMs.
Kazam Co-founder and CEO, Akshay Shekhar said “This funding also helps us to strengthen our leadership in the EV software market."
The Bangalore-based startup was founded in 2020 by Akshay Shekhar and Vaibhav Tyagi and is managing 1.5 lakh kWh of electricity in bigger markets like the US, Europe, and Asia Pacific. Kazam with its advanced technology and CMS operates more than 7,000 charging stations across the country and is in the process to consolidate 60,000 charging stations including battery swapping stations into the operating system by the end of the next year. Kazam EV has reached 60 charging station operators across India at various locations.
However, Kazam plans to expand further into the US market and has also taken its step by partnering with two charge point operators and managing more than 3,000 vehicles.
As per Kazam EV, we can see exponential growth in the electric vehicle charging infrastructure market worldwide. It was $7.7 billion in 2020 and it is expected to grow at a CAGR of 29.4% to $27.7 billion in 2025. Kazam EV aims to innovate in EV charging technology and collaborate with the public and private sectors to gain a strategic foothold in the Indian EV market.
“As the revolution in the EV sector continues to spread around the world, we are excited to invest in Kazam EV on our mission to make the green transition easier for the users. We can capitalize on the growing demand for electric vehicles”, said Swapna Gupta.
Overall, the investment is a positive sign for the growing EV charging industry, which is expected to continue expanding in the coming years as more and more drivers switch to electric vehicles.
