EV infrastructure startup Kazam raises $6.2 million in round led by International Finance Corporation
Electric mobility infrastructure startup Kazam has raised $6.2 million in a funding round led by the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group.Existing investors, Vertex Ventures Southeast Asia & India and Avaana Capital Advisors, also participated in the round.The latest infusion takes Kazam's total funding to $19.2 million, including $13 million from previous equity rounds.Kazam, which provides software and hardware solutions for electric vehicle (EV) charging and battery swapping operators, plans to use the fresh funds to expand its footprint in domestic and international markets.'Kazam is building the digital infrastructure for EVs at scale, something that's critical as the world transitions to clean mobility,' said Akshay Shekhar, CEO and cofounder of Kazam. 'IFC's backing signals confidence in our platform's potential to decarbonise transport, especially across emerging markets.'
Founded in 2020 by Shekhar and Vaibhav Tyagi, Kazam operates a platform that helps EV ecosystem players manage and optimise charging assets. It claims to have enabled over five million charging sessions and onboarded 68,000 chargers to date, facilitating 45 gigawatt hours (GWh) of energy and helping avoid 46,000 tonnes of carbon emissions.
The Bengaluru-based company saw its revenue jump fourfold from $1.5 million in FY24 to $6 million in FY25 and is targeting $12 million in revenue this fiscal.Kazam's platform is live in 80 cities across 10 countries and recently helped facilitate 25 million electric kilometres in a single month, according to the company.
The investment aligns with IFC's strategy to support the growth of electric mobility in developing economies, especially in areas with limited EV charging infrastructure. 'EVs are key to accelerating India's economic growth and energy transition. However, limited charging infrastructure remains a challenge. Our investment in Kazam aligns with IFC's strategy to catalyse the growth of the electric mobility ecosystem,' said Wendy Werner, country head, India and Maldives, IFC.
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