Kazam EV Tech Secures $8 Million in Funding to Boost Electric Vehicle Charging Solutions

Kazam EV Tech, a leader in electric vehicle (EV) charging solutions, has successfully raised $8 million in a recent funding round. The round was led by Vertex Ventures, with participation from existing investors such as Avaana Capital and Alteria Capital. This new influx of capital is set to accelerate Kazam’s growth and innovation in the EV sector.

Strengthening Technology and Expanding Offerings

The funds will be allocated to enhance Kazam’s technology and product teams, expand its product offerings, and increase its market presence. Prior to this round, Kazam had raised approximately $11 million, demonstrating strong investor confidence in its business model and growth potential.

Addressing India’s EV Charging Infrastructure Needs

With electric vehicle adoption in India projected to soar, Kazam’s “charging in a box” solution is poised to play a crucial role in building a reliable EV charging network. Nikhil Marwaha, Senior Executive Director at Vertex Ventures Southeast Asia and India, highlighted the importance of Kazam’s innovation in overcoming existing infrastructure challenges.

Diverse Product Range and Key Partnerships

Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam offers a range of EV charging products including LEVAC Pro (for charging stations), Mini (for home use), and Kazam 7.4 kW. The company also provides comprehensive software solutions for charging management, fleet management, battery swapping, and EV mobile apps.

Kazam collaborates with major companies such as BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. Its software supports various types of electric vehicles, including two-wheelers, three-wheelers, and city buses, currently operating over 25,000 charging points and fueling more than 15 million EV kilometers per month. Notably, 10% of its contributions come from international clients across the Global South.

Government Support and Industry Trends

The Indian government is actively engaging with firms in the electric vehicle sector to promote interoperability among charging standards. Additionally, a significant Rs 800 crore subsidy has been announced for state-run oil marketing companies to establish 7,432 EV charging stations, further supporting the expansion of EV infrastructure.