E-mobility startup Kazam bags $8M in Series A3 funding
The company plans to use the funding to expand its technology and product teams and bolster its market presence and offerings,
Bengaluru-based e-mobility startup has raised $8 million in a Series A3 funding round led by Vertex Ventures Southeast Asia and India.
The fundraise also saw participation from Avaana Capital and Alteria Capital, among others.
Kazam plans to use the funding to expand its technology and product teams and bolster its market presence and offerings, the company said in a statement.
The company aims to tackle range anxiety, a fear that an electric vehicle (EV) will not have enough battery charge to reach its destination, through its software and hardware solutions designed to support charge point operators, fleet operators, and electricity grids. Kazam says its software can enable a range of vehicles, including two-wheelers and city buses.
“We have grown 10x on our monthly transactions and EV km fuelled in the last 12 months. This investment will enable us to accelerate our growth, innovate further, and maintain our leadership position in the e-mobility sector,” said Akshay Shekhar, Co-founder & CEO of Kazam.
The company has entered into partnerships with online grocery delivery platform Bigbasket and electric bike rental Zypp, and has integrated over 25,500 EV charging devices in the last 12 months. It has also partnered with Google Maps to integrate navigation features for EV charge points into the app and provide detailed information about charger types.
Kazam was co-founded by Shekhar and Vaibhav Tyagi and launched in 2020.
“Kazam, with its dogged focus on easing EV adoption, has successfully built one of the largest global charging platforms for electric mobility in a very short period. Addressing range anxiety, Kazam has created a reliable energy management platform for OEMs, CPOs, utilities, fleet operators, and online commerce, offering charging at their fingertips,” said Swapna Gupta, Partner, Avaana Capital.
Edited by Megha Reddy