June 9, 2025: Kazam, an agnostic EV charging software platform is set to raise $6 million in a Series B funding round to invest in its next phase of growth, expansion, and other corporate activities of the company. The Bengaluru based startup plans to build India’s largest EV charging station network.
In a significant milestone for the growing EV ecosystem, the startup has onboarded over 68,000 chargers and managed more than 5 million charging sessions to date. With a rapidly expanding user base of over 170,000 individuals, the platform has played a key role in promoting sustainable mobility. Its efforts have resulted in the reduction of over 46,000 tons of CO2 emissions and the enablement of more than 45 GWh of clean energy usage, underscoring its commitment to environmental impact and innovation in electric vehicle infrastructure.
Following this fundraise, IFC VVSEA Co-Invest and Vertex Ventures will jointly own 22.88% stake in Kazam, with Avaana owning 17.02%, and Chakra India picking up a 1.51% stake.
Kazam creates charging network with over 7000 devices
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, the startup provides charging services to companies like BigBasket, Flipkart and Mahindra Last Mile Mobility. The startup claims through its partnerships with fleets, CPOs, RWAs and OEMs we have been able to create a robust charging network with over 7000 devices on its platform.
The latest round of funding was led by existing investor Vertex Ventures, and with participation from Avaana Capital and Chakra Growth Capital. According to a Registrar of Companies (RoC) filing, IFC VVSEA Co-Invest LP— a co-investment vehicle set up by the International Finance Corporation (IFC) to partner with venture capital funds, and Vertex Ventures jointly invested $4.9 million.
In this round, Avaana Sustainability Fund invested $1.01 million while Chakra India Growth Fund invested $0.9 million in the funding round. Kazam’s board passed a resolution to issue Series B Compulsorily Convertible Preference Shares having a face value of Rs 10 each at an issue price of $165.06 per Series B CCPS to the investors.
The Bengaluru-based startup earlier raised $8 million in a Series A3 funding round led by Vertex Ventures Southeast Asia and India and also saw participation from Avaana Capital and Alteria Capital, among others.
