Kazam EV Tech, which presents a number of charging services and products for electrical autos, mentioned on Monday that it raised USD 8 million in a funding spherical led by Vertex Ventures.
Present buyers like Avaana Capital and Alteria Capital, amongst others, additionally participated on this spherical, the corporate mentioned.
Kazam plans to make use of the proceeds to strengthen its tech and product groups, improve its choices and broaden its market presence. The agency had raised about USD 11 million earlier than the newest spherical, in keeping with knowledge from Tracxn.
With EV adoption in India anticipated to rise many fold, Kazam’s “charging in a field” answer turns into extraordinarily vital to debottleneck the creation of a dependable EV charging community, Nikhil Marwaha, senior govt director at Vertex Ventures Southeast Asia and India, mentioned in a information assertion.
Based in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam presents numerous EV charging merchandise like LEVAC Professional (for charging stations), Mini (for houses) and Kazam 7.4 kW. It additionally has numerous software program options for charging administration, fleet administration, battery swapping administration and EV cell apps, amongst others.
The agency works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp and Ultraviolette, it mentioned within the assertion.
“Kazam’s software program allows a various vary of autos, together with two-wheelers, business electrical autos three-wheelers, and metropolis buses, serving greater than 25,000 charging factors… (the agency) at present fuels over 15 million EV kilometres per 30 days, with 10% of its contributions coming from worldwide purchasers throughout the World South,” it added.
ET reported in February that authorities officers, particularly from the Ministry of Energy, have been repeatedly consulting with corporations within the electrical automobile ecosystem to push interoperability amongst charging requirements. In March final 12 months, the federal government introduced a INR 800 crore subsidy for state-run oil advertising firms to arrange 7,432 EV charging stations.
