Kazam, an EV Software-as-a-Service (SaaS) Provider, Raises $3.6 Million in Funding Led by Avaana Climate Fund
- ByStartupStory | May 3, 2023
Kazam has secured $3.6 million in a recent funding round, which was spearheaded by Avaana Climate Fund. The electric mobility software platform is designed to assist charge-point operators, fleet operators, and electricity grid management.
Kazam has successfully closed its Series A funding round, raising $3.6 million from various investors including Avaana Climate Fund, Third Derivative, Inflection Point Ventures, and We Founder Circle. Currently managing more than 7,000 charging points, Kazam plans to integrate an additional 60,000 charging and swapping stations into its operating system within the next 14-15 months, according to the company’s statement.
Kazam, which is headquartered in Bengaluru, has revealed its intention to expand into new international markets, including the United States. The company has already partnered with two US-based charge-point operators that manage a combined fleet of 3,000 vehicles. Alongside this, Kazam plans to integrate an additional 60,000 charging and swapping stations into its operating system over the next 14-15 months, the startup added.
Kazam has established partnerships with more than 60 charge-point operators in India, including major e-commerce firms, two-wheeler original equipment manufacturers, and third-party logistics companies. The startup plans to leverage the $3.6 million funding to enhance its platform’s offerings to existing customers, by investing in technology and product teams. According to Kazam’s CEO and founder, Akshay Shekhar, the funds will also enable the company to retain its leadership position in the e-mobility software segment. Shekhar also revealed that Kazam intends to double its workforce from 75 to around 140 employees using the newly acquired funds.
Co-founded by Akshay Shekhar and Vaibhav Tyagi in 2021, Kazam has expanded its business to manage 150,000 kWh of electricity per month. The startup has an international presence, with clients in Europe, the Asia-Pacific region, and the United States. Kazam’s software caters to various vehicles, including commercial EV three-wheelers, two-wheelers, and city buses for local transportation.
According to a statement, the global EV charging infrastructure market is predicted to expand from $7.7 billion in 2020 to $27.7 billion by 2025, representing a compound annual growth rate of 29.4%. Avaana Climate Fund’s Partner, Swapna Gupta, commented that Kazam’s hardware-agnostic capabilities ideally position the startup to leverage the growing demand for EVs in India and worldwide. Gupta also expressed confidence that Kazam’s data-driven approach to grid, fuelling, and fleet operations would allow it to democratize access to EV, making it a key player in the industry.
Avaana Capital is responsible for managing the Avaana Climate and Sustainability Fund, which is a venture capital fund aimed at supporting climate mitigation, adaptation, and resilience initiatives in various areas such as energy transition and resource management, mobility and supply chains, and sustainable agriculture and food systems. The fund invests in climate-tech startups seeking to drive sustainable innovation and impact.
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