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Kazam, an electric car charging service firm, has secured Rs 30 crore ($3.6 million) in a round led by Avaana Climate Fund. The firm sells both hardware and software for charging electric automobiles.
The Avaana Climate and Sustainability Fund, managed by Avaana Capital, is a climate-tech venture capital fund that invests in climate mitigation, adaptation, and resilience in sectors like — energy transition and resource management, mobility and supply chains, and sustainable agricultural and food systems.
Third Derivative and existing investors Inflection Point Ventures and We Founder Circle also participated in the Series A round.
The Bengaluru-based company said its goal is to integrate 60,000 charging and switching stations with its operating system in the next 14-15 months, with over 7,000 charging points under supervision.
Furthermore, Kazam, an EV SaaS startup, stated that it intends to expand further in other markets, such as the United States, where it currently has contracts with two charge-point operators managing 3,000 cars.
This electric car charging company was founded in 2020 by Shekhar and Vaibhav Tyagi. The business now manages 150,000-kilowatt hours (kWh) of electricity per month, and its international clientele includes those from the United States, Europe, and the Asia-Pacific area.
Its software (Kazam CMS) is designed for electric car fleets, charge point operators, charging station makers, and commercial properties such as workplaces and societies to enable them to build up their charging network.
The business claims to have enabled over 60 charge station operators in India, including significant e-commerce corporations, two-wheeler OEMs, and third-party logistics firms.
The funds will help to focus on the software sector and produce a "white-labelled suite of software." It will let clients digitise the whole value chain, from regulating energy (from the grid to fueling an EV) to running a flea market.
According to the statement, the global EV charging infrastructure business can increase at a 29.4% annual pace from $7.7 billion in 2020 to $27.7 billion by 2025. As a result, Kazam's hardware-agnostic skills position it well to capitalise on the growing demand for EVs in India and across the globe.
—Kritika Singhal
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