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EV startup Kazam raises $6.2 Mn from IFC, Vertex and Avaana Capital

EntrackrEntrackr · 23d ago
EV startup Kazam raises $6.2 Mn from IFC, Vertex and Avaana Capital
Medial

EV startup Kazam raises $6.2 Mn from IFC, Vertex, and Avaana Capital Bengaluru-based EV energy-tech platform Kazam has raised $6.2 million in Series B funding from the International Finance Corporation (IFC), along with existing investors Vertex Ventures Southeast Asia & India and Avaana Capital. This round takes Kazam’s total capital raised to $19.2 million, including $13 million in equity from previous rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures. The investment will fuel Kazam’s expansion across markets with its energy transition tools to accelerate adoption of sustainable mobility, the company said in a press release. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is building a device-agnostic digital infrastructure platform that enables EV charging and battery-swapping operators, vehicle OEMs, fleets, and power utilities to manage and analyze charging assets. Kazam’s platform claims to have onboarded over 68,000 chargers and facilitated over 5 million charging sessions. The firm also saw its revenue grow 4X from $1.5 million in FY24 to $6 million in FY25 and is targeting $12 million in revenue with EBITDA positivity this fiscal. Kazam works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette.

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Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

E-mobility startup Kazam raises $8 Mn led by Vertex Ventures

EntrackrEntrackr · 11m ago
E-mobility startup Kazam raises $8 Mn led by Vertex Ventures
Medial

E-mobility startup Kazam has secured $8 million in Series A3 funding round led by Vertex Ventures Southeast Asia and India. The round also witnessed participation from Avaana Capital, Alteria Capital, and other notable investors. The company had previously raised $11.4 million from Avaana Capital Advisors and others. The fresh funds will be used to bolster its technology and product teams, enhance platform offerings, and expand market presence, Kazam said in a press release. Co-founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform which builds smart and affordable EV charging networks. The platform weeds out the hassles of EV infrastructure with its software and hardware solutions, designed to support charge point operators, fleet operators, and electricity grids. The startup’s aims to digitize the entire e-mobility value chain, from managing grid energy to fueling EVs and overseeing fleet operations. According to the Bengaluru-based company, its software enables a diverse range of vehicles, including two-wheelers, commercial electric vehicles (CEV) three-wheelers, and city buses, and claims to serve more than 25,000 charging points. It has recently launched LEV-DC, a fast charging option for electric two-wheelers and three-wheelers that can charge an electric scooter up to 80% in 20 minutes. Kazam has partnered with BigBasket, Zypp, Mahindra Logistics and other third-party logistics, facilitating 1 million transactions and integrating over 25,500 EV charging devices in the last 12 months. The firm also added that its reach extends to major vehicle OEMs including Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette.

Vidyut raises $10 Mn in Series A led by 3one4 Capital

EntrackrEntrackr · 1y ago
Vidyut raises $10 Mn in Series A led by 3one4 Capital
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyut’s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the company’s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.

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