EV-tech startup Kazam to raise $6 million in a Series B funding

EV-tech startup Kazam is set to raise $6 million (~ Rs 50 Cr) in a Series B funding round led by existing investor Vertex Ventures, and with participation from Avaana Capital and Chakra Growth Capital.

Founded by Akshay Shekhar and Vaibhav Tyagi in 2020, Bengaluru-based Kazam offers charging products and services for electric vehicles.

As the electric vehicle adaptation increases for businesses, they face the challenge of managing energy loads for their EV fleet. Sometimes, these fleet operators pay 10-20% higher electricity costs due to unoptimized charging schedules and unmanaged demand surges.

Kanzam software solution helps in monitoring and balancing energy usage in real-time to ensure the EV charging infrastructure stays reliable, adaptable and cost-efficient. It also has software solutions for battery swapping management and EV mobile apps, among others.

India’s EV sector is poised for rapid growth driven by customer demand, technological advancements and government incentives.

Indian government PM E-Drive scheme, launched in September 2024, aims to build a nationwide EV-ready ecosystem to enable cleaner transport and reduce the country’s dependency on fossil fuels. 

The scheme is expected to speed up the installation of EV charging stations across the country, to be deployed along highway corridors, within high-traffic destinations such as metro cities, toll plazas, railway stations, airports, fuel outlets, and state highways.

Additionally, in a recent meeting, industry stakeholders highlighted that the battery swapping sector is projected to grow to USD 20 billion by 2030.

This presents a massive opportunity for the Bengaluru-based startup to explore.

Kanzam’s hardware products include LEVAC Pro (for charging stations), Mini (for homes) and Kazam 7.4 kW. Its clients include BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp and Ultraviolette. 

In August 2024, the company raised $8 million in funding led by Vertex Ventures, along with Avaana Capital and Alteria Capital. 

The newly raised capital will be used by the company to fund its growth and expansion. Kanzam is exploring opportunities in Southeast Asian and Middle Eastern markets.