EV Charging Services Startup Kazam Raises Rs 7 Crore In Seed Funding
Kazam, an electric vehicle charging services startup, has raised Rs 7 crore in a seed funding round led by early-stage VC fund Inflection Point Ventures (IPV).
As per the startup, it will use the funds for product development, scaling up operations, and ramping up sales and marketing.
With this funding, IPV has marked its 19th deal in 2021. The early-stage venture capital fund has invested Rs 207 crore across 77 companies since 2018.
Started by Akshay Shekhar and Vaibhav Tyagi in 2020, Kazam provides end-to-end Electric Vehicle charging solutions for office spaces, apartments, restaurants, shops, and anyone who has an idle parking spot.[Read: Growth Story And Future Of Electric Vehicle Industry In India]
In addition to affordable and smart EV charging infrastructure, Kazam has built an open architecture to help other charging hardware manufacturers use their protocols and APIs.
Akshay Shekhar said,
“The open software architecture allows businesses, EV manufacturers, fleet operators to get easy API integration for any kind of hardware along with a dashboard for monitoring utilisation, cost-saving and environmental impact.”
The EV market in India will be a US$206 billion opportunity by 2030 if India maintains steady progress to meet its ambitious 2030 target, states an independent study by CEEW Centre for Energy Finance.
Kazam aims to play a leading role in the electrification of mobility in India and runs IoT-enabled EV charging stations in Maharashtra, Delhi NCR, Karnataka, Telangana and Tamil Nadu. The EV startup is looking to expand from its current network of 30 charging stations. Enabled with IoT devices, the charging stations will provide connectivity, analytics, battery management services and the ability to meter and bill users through an app.
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