- The funds raised will be used for product development, ramping up sales, operations and marketing
- The EV market has a large unaddressed need for charging infrastructure for all vehicles (2W/3W/4W), in both personal and commercial applications
Kazam has raised Rs 7 crore in a seed round led by Inflection Point Ventures. The funds raised will be used for product development, ramping up sales, operations and marketing, as Kazam continues to provide electric vehicle (EV) harging stations made in India, and has set up over 30 charging stations infive states – Karnataka, Maharashtra, Delhi/NCR, Telangana and Tamil Nadu.
Akshay Shekhar, Co-Founder, Kazam said that the partnership with one of the leading EV fleet operators has already taken a good shape where they are seeing very high transaction rates on the station. They expect to put 10,000 charging stations in 2021-22 and build a robust team to support it. Even with the 2nd wave of Covid hitting IPV and other investors have stayed resilient and continue to believe in the vision to make electric mobility accessible to all.
Network of charging stations enabled with IoT device
The EV market has a large unaddressed need for charging infrastructure for all vehicles (2W/3W/4W), in both personal and commercial applications. Kazam aspires to be the most innovative, and consumer obsessed product company through a network of charging stations enabled with IoT device for connectivity, analytics, BMS and ability to meter and bill users through a simple app.
Vinay Bansal, founder and CEO, Inflection Point Ventures said that in the last 5 years, the government has announced multiple beneficial initiatives to increase the sales of EV vehicles. Many startups in electric mobility are scaling well and they have invested in quite a few. Kazam’s strong founding team has in-depth understanding of technology and physical infrastructure needed to help the sector grow faster and this encouraged us to invest in the company, he added.
