Electric mobility startup Kazam has secured $6 million (INR 51 Cr) in a fresh funding round, marking another major step in its mission to electrify India’s transportation landscape. The round was led by Vertex Ventures, with continued support from Avaana Capital and Chakra Growth Capital.
Funding Details at a Glance
According to regulatory filings accessed by Inc42, Kazam passed a special resolution to issue 36,410 Series B compulsory convertible preference shares (CCPS) at an issue price of $165.06 per share.
Here’s how the investments break down:
- Vertex Ventures SEA Fund & IFC VVSEA Co-Invest LP: $4.9 Mn
- Avaana Capital: $1.01 Mn
- Chakra Growth Capital: $0.9 Mn
This new capital will be used to scale operations, enhance technology offerings, and expand its national presence in the fast-growing EV infrastructure market.
Shareholding Post-Round
The post-funding cap table highlights investor confidence in Kazam’s trajectory:
- Vertex Ventures + IFC VVSEA Co-Invest LP: 22.88%
- Avaana Capital: 17.02%
- Chakra Growth Capital: 1.51%
Kazam’s Vision and Offerings
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam operates as a comprehensive EV charging software platform, delivering both hardware and digital solutions. Its goal is simple but powerful — build a smart, affordable, and scalable charging network across India.
Hardware Solutions
- EV charging infrastructure for public and private use
- Compatible with two-wheelers, three-wheelers, city buses, and commercial EVs
Software Suite
- Fleet management systems
- Charging session and station management
- Battery swapping network tools
- End-to-end data analytics and platform support
Impressive Milestones So Far
Kazam has made significant strides in a short time:
- 68,000+ chargers onboarded
- 5 million+ charging sessions completed
- 45 GWh energy delivered
- 46,000 tonnes of CO₂ emissions reduced
- 170,000+ users served
Strategic Partnerships and Market Presence
Kazam is not just building tech — it’s building trust with major brands. Some of its notable partners and clients include:
- BigBasket
- Zypp Electric
- Mahindra Electric
- Ather Energy
- TVS Motors
- Hero MotoCorp
- Ultraviolette Automotive
Competitive Landscape
Kazam competes with other growing startups like:
- Bolt.Earth
- Battery Smart
However, its unique full-stack approach — blending robust hardware with deep software capabilities — gives it a strong competitive edge.
Previous Funding Snapshot
In August 2023, Kazam raised $8 million in its Series A3 round, also led by Vertex Ventures along with Avaana Capital and Alteria Capital. Those funds were focused on product enhancement and expanding engineering teams.
