EV SaaS Startup Kazam Raises $3.6 Mn From Avaana Capital, Others
Kazam, an electric mobility software platform for charge-point operators and electricity grid management platform, has raised about $3.6 million in a fresh funding round led by Avaana Capital Fund.
The funding round also saw participation from Third Derivative and existing investors Inflection Point Ventures and We Founder Circle.
As per the startup, the freshly raised funds will be used to extend offerings of the platform to its existing customers by investing in technology and product teams.
Kazam | Electric Vehicle Charging Ecosystem
Founded by Akshay Shekhar and Vaibhav Tyagi in 2021, Kazam is an agnostic EV charging software platform building India’s largest EV charging station network.
The startup provides end-to-end Electric Vehicle charging solutions for office spaces, apartments, restaurants, shops, and anyone who has an idle parking spot.
As per the startup, the raised funds will allow it to maintain its market leadership position in the e-mobility software segment. Kazam’s business has grown to manage 150,000-kilowatt hours (kWh) of electricity per month. It has international clients in the United States, Europe and Asia-Pacific region.
Commenting about the development, Swapna Gupta, Partner at Avaana Climate Fund,
“Kazam’s hardware-agnostic capabilities position it well to capitalise on the growing demand for EVs in India as well as globally. We are confident that with Kazam’s ability to drive data-led intelligence to the grid, fuelling, and fleet operations, it will play a leading role in democratizing access to EV.”
Kazam’s software is used by a range of vehicles, including two-wheelers, commercial EV three-wheelers and city buses for local transport.
The electric mobility software platform has over 7,000 charging points under management. Additionally, the Bengaluru-based startup plans to integrate 60,000 charging and swapping stations with its operating system in the next 14–15 months. In 2021, Kazam raised Rs 7 crore in a seed funding round led by early-stage VC fund Inflection Point Ventures (IPV).
According to a report, the global EV charging infrastructure market is expected to reach $27.7 billion by 2025.
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