- The e-mobility startup has introduced a groundbreaking LEV-DC fast charging solution, which can power an electric scooter to 80% capacity in just 20 minutes.
Bengaluru, August 12, 2024 – Kazam, a leading global technology enabler for e-mobility, has successfully secured $8 million in its Series A3 funding round, led by Vertex Ventures Southeast Asia and India. The round also attracted investment from Avaana Capital, Alteria Capital, and several other prominent investors.
With the Indian Electric Vehicle (EV) market at less than 5% penetration, significant growth is expected in the coming years. To support this expansion and address the challenge of range anxiety, scalable EV infrastructure is crucial. Kazam is tackling this issue head-on with its comprehensive software and hardware solutions tailored for Charge Point Operators, Fleet Operators, and Electricity Grids. The startup’s innovative approach aims to digitize the entire e-mobility value chain, from grid energy management to EV fueling and fleet operations.
With the new funding, Kazam plans to strengthen its technology and product teams, enhance its platform capabilities, and expand its market reach.
“We are excited to have the backing of Vertex Ventures SEA & India, along with our other esteemed investors, as we continue our mission to democratize and digitize EV infrastructure,” said Akshay Shekhar, Co-Founder & CEO of Kazam. “Over the past 12 months, we’ve achieved 10x growth in monthly transactions and EV kilometers fueled. This investment will enable us to accelerate our growth, drive further innovation, and solidify our leadership in the e-mobility sector.”
Nikhil Marwaha, Senior Executive Director at Vertex Ventures Southeast Asia & India, commented, “Kazam’s full-stack platform offers best-in-class solutions for OEMs, fleet operators, and asset owners to efficiently manage their EV charging infrastructure needs. As EV adoption in India is poised to surge, Kazam’s ‘charging in a box’ solution is crucial for building a reliable EV charging network. The Kazam team is highly customer-focused, as evidenced by their strong customer relationships.”
Swapna Gupta, Partner at Avaana Capital, added, “With a relentless focus on facilitating EV adoption, Kazam has quickly built one of the largest global charging platforms for electric mobility. By addressing range anxiety, Kazam has developed a reliable energy management platform for OEMs, CPOs, Utilities, Fleet Operators, and Online Commerce, offering seamless charging solutions.”
She continued, “It has been rewarding to witness Kazam’s rapid growth up close, and we are delighted to have Vertex Ventures SEA & India join us in supporting their expansion.”
Kazam’s software supports a wide range of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses, with over 25,000 charging points under its management. The company recently introduced the LEV-DC, a fast charging solution for electric two-wheelers and three-wheelers, capable of charging an electric scooter to 80% in just 20 minutes. This addition complements their existing 3.3 KW LEV-AC charging solution.
Currently, Kazam fuels over 15 million EV kilometers per month, with 10% of this coming from international clients in the Global South. Kazam’s impact on the EV charging landscape is demonstrated through partnerships with industry leaders such as BigBasket, Zypp, Mahindra Logistics, and others, facilitating 1 million transactions and integrating over 25,500 EV charging devices in the past year. Notably, Kazam’s reach extends to major vehicle OEMs, including Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette.
In a recent development, Kazam partnered with Google Maps to enhance EV charging infrastructure across India. This collaboration integrates navigation features for EV charge points and provides detailed information about charger types, making EV charging more accessible and convenient for users.
