Kazam Secures Rs 51 Crore in Series B Funding Round

Electric mobility startup Kazam is in the process of raising Rs 51 crore (approximately $6 million) through its Series B funding round, which is being led by Vertex Ventures. Other participants in this round include Avaana Capital and Chakra Growth Capital.

The board at Kazam has approved a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to secure the stated amount, as revealed in its regulatory filing to the Registrar of Companies (RoC).

Vertex Ventures, represented by IFC VVSEA Co-Invest LP and the Vertex Ventures SEA Fund, will jointly invest $4.9 million. Meanwhile, Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively.

As per estimates from Startup Superb, the valuation of the company post-allotment is expected to be around $51 million.

Utilization of Funds

Kazam intends to use the raised funds for business growth, expansion initiatives, and general corporate purposes. Following this funding round, Vertex Ventures and IFC VVSEA Co-Invest will collectively hold a 22.89% stake in the company, while Avaana Capital and Chakra Growth Capital will own stakes of 17.02% and 1.51%, respectively.

About Kazam

Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam operates as an EV charging software platform that develops smart and cost-effective charging networks. The company’s technology supports a variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. Kazam claims to facilitate over 25,000 charging points.

Partnerships and Financial Performance

Bengaluru-based Kazam collaborates with renowned brands such as BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette.

The company has yet to submit its annual results for FY25. According to various sources on the startup data intelligence platform, its revenue from operations saw a significant increase of 3.3X, amounting to Rs 12.19 crore for the fiscal year that ended in March 2024, while losses were reported at Rs 10.2 crore during the same period.