8 hours ago
EV energy tech startup Kazam raises $6.2 million from IFC, Vertex Ventures, Avaana Capital Advisors
EV energy-tech startup Kazam has secured $6.2 million in funding from the International Finance Corporation (IFC), along with existing investors Vertex Ventures SEA & India and Avaana Capital Advisors.
The Bangalore-based company said that these funds will support Kazam's growth as it rolls out its energy transition tools to boost the shift towards
sustainable mobility
.
This new round takes the total capital raised by the company to $19.2 million. Previous equity rounds, led by Avaana Capital Advisors, Vertex Ventures SEA & India, and Chakra Ventures, brought in $13 million.
'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.'
The company has seen strong growth, with revenues jumping from $1.5 million in FY24 to $6 million in FY25, a fourfold increase. Kazam is aiming to double that to $12 million this fiscal and expects to reach earnings before interest, taxes, depreciation, and amortisation (Ebitda) profitability soon.
'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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Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam provides device-agnostic solutions to EV charging and battery swapping operators, vehicle OEMs, fleet operators, and electricity grid companies.
