EV charging startup Kazam eyes 2X jump in revenue even as it expands into electric two wheeler and e-buses
The company is targeting a revenue of about Rs 85 crore in FY26–a 2X jump from the revenue it had reported in FY25 on the back of its expansion plans and continued dominance in the electric three-wheeler category.
Electric vehicle charging startup Kazam is targeting a revenue of about Rs 85 crore in FY26 as it inches towards EBITDA breakeven, the company’s Co-founder and CEO, Akshay Shekhar told YourStory.
Earlier this month, the company reported a revenue of Rs 40 crore in FY25 which is 3.5X times higher than the revenue it had reported in FY24. According to Shekhar, this increase can be attributed to the firm onboarding Bajaj Auto as a client. The company commands a significant share of the electric three-wheeler market in India.
Moreover, favourable state policies that penalises registration of CNG and petrol vehicles in the three-wheeler commercial category has also led to significant preference for E3W, helping Kazam’s top-line as the company counts major players like Mahindra, TVS, and Piaggio as partners.
The company has also expanded its operations, not shying away from investing to go deeper into Tier II and Tier III India, helping with last mile electrification. “Since we are an infra player, we need to ensure that we are there at the last touch point, including at that person’s house. We are able to do that in almost 8,000-9,000 PIN codes, as we speak,” Shekhar noted.
Kazam has on-boarded around 120,000 to 130,000 charge points as of today. This year, the company will add between 150,000 to 270,000 charge points and is adding between 12,000 to 13,000 charge points every month.
A major chunk of the company’s revenue comes from three-wheelers, accounting for about 70% of its top-line growth. This includes hardware and software services the company provides.
On the hardware side, the company builds chargers including smart chargers for light EVs as well as advanced chargers that are suitable for cars and other four-wheelers. Kazam also provides software which is used by charge point operators, e-commerce companies, and fleets to monitor last mile delivery, track charging, and manage vehicle downtime.
The remaining revenue contribution comes from public charging players like Hindustan Petroleum that operate EV charging points to whom Kazam sells its software services too.
The company has also begun its expansion into the electric bus segment, focusing on the business-to-government segment. It has contracts in multiple cities currently. “We have not begun to recognise significant revenue here because the enterprise tech we do, talked a long time to get contracts going. Even in FY26, contribution from this segment could be shy of 5%,” Shekhar added.
Kazam is also looking to replicate the same strategy that has worked in the E3W segment in the E2W segment. Currently the company is working with most vehicle OEMs to develop the technology on the vehicle side because these vehicles have to be adapted to the charging guns. “We have the technology ready in this segment and have started deploying with players like Ather, etc” Shekhar noted.
The company’s existing partnerships with Bajaj Auto and TVS Motor for E3W is expected to give the firm a leverage when it comes to entering the E2W segment where Bajaj and TVS Motor are the biggest players currently, in terms of market share.
Kazam is also working on building the India Energy Stack (IES) which is a planned Digital Public Infrastructure (DPI) for India’s power sector. The initiative is led by Ministry of Power.