Kazam raises $6.2 million to expand global EV infra
Bengaluru: Kazam, an electric mobility technology company based in Bengaluru, announced a $6.2 million Series B fundraise led by the International Finance Corporation (IFC), with participation from existing investors Vertex Ventures and Avaana Capital.
The fresh capital will help Kazam expand its digital EV infrastructure offerings across markets and support the global shift towards sustainable transportation, founder and CEO Akshay Shekhar told TOI.
The Series B round brings Kazam's total funding to $19.2 million, including $13 million in equity financing from earlier rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures.
'Kazam is building the digital infrastructure for EVs at scale, a critical piece in the global shift to clean mobility,' said Akshay Shekhar, CEO and cofounder, Kazam.
'IFC's backing is a strong signal of the role our platform can play in decarbonizing transportation across emerging markets.'
IFC emphasised the role this investment will play in making charging infrastructure more accessible across the country. 'EVs are key to accelerating India's economic growth and energy transition. Kazam's approach will help scale the EV ecosystem and expand access to charging infrastructure, supporting the broader adoption of clean transportation across the nation,' said Wendy Werner, IFC's Country Head for India and Maldives.
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Avaana Capital's Swapna Gupta added, 'Kazam is building the energy gateway for mobility. Its approach to creating a scalable, interoperable digital ecosystem for the EV sector is pivotal for global adoption. As EVs evolve, Kazam will play a pivotal role in shaping the digital backbone of the future of transportation.'
Kazam has witnessed significant growth, achieving revenues of $6 million in FY25, four times its FY24 revenues, and is targeting $12 million this fiscal year, with Ebitda positivity in sight.
The company has onboarded over 68,000 chargers, enabled more than 5 million charging sessions, and facilitated over 45 GWh of energy, avoiding an estimated 46,000 tons of carbon dioxide. Over the month of May, the Kazam platform powered 25 million electric kilometers across 80 cities and ten countries.
Founded in 2020, Kazam provides device-agnostic solutions for charging and battery swapping operators, OEMs, and fleet operators. Its software and hardware offerings enable seamless EV charging, making electric transportation more accessible across India. Kazam is also a founding alliance member of the Unified Energy Interface (UEI), an open protocol akin to UPI for energy.
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