IoT based EV battery charging service provider Kazam has raised ₹7crore in a seed round led by Inflection Point Ventures, a largest angel investment platform in India. The homegrown startup said it will use the funds for product development and to ramp up operations, sales and marketing, focusing on providing affordable smart charging stations made in India.
Founded by Akshay Shekhar and Vaibhav Tyagi in 2020, the company has set up over 30 charging stations in Delhi, Karnataka, Telgana, Tamil Nadu and Maharashtra. Accounting the electric vehicles especially of 2W and 3W growing at rapid space, Shekhar said the company has solution for all EV charging needs for fleet operators, home charging and public charging. He added that Kazam provides softwares needed to mange operations on daily basis.
In a short span, Kazam has built hardware and software tech needed for smart charging stations. It has also built an open architecture to support charging hardware manufactures to put their protocols and APIs in use. The company targets to set up 10,000 charging stations this year.
According to India Energy Storage Alliance (IESA) report, the EV market in the country is predicted to cross over 6.3 million units per year by 2027. With the government pushing EV sales, Vijay Bansal, founder and CEO of Inflection Point Ventures said Kazam fits in organically as infrastructure and discovery will be critical for success of this sector.