Kazam raises Rs 7Cr led by Inflection Point Ventures
So far, this is the 19th deal of the angel network this year. IPV has invested Rs 207 crore across 77 companies since 2018.
The one-year-old startup plans to utilize the freshly raised funds for product development, scaling up operations, and increasing sales and marketing.
Several early-stage companies are preparing to offer solutions for electric vehicles and are solving infrastructure needs to keep up with the increasing demand for electric mobility.
Established in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam operates IoT-enabled EV charging stations in Karnataka, Maharashtra, Delhi NCR, Telangana, and Tamil Nadu.
“The company is looking to expand from its current network of 30 charging stations,” it said in a statement.
The charging stations will have IoT devices for connectivity, analytics, battery management services, and the ability to meter and bill users through an app, the company stated.
Kazam has developed the hardware and software technology for affordable and smart EV charging infrastructure. Apart from this, it has also built an open architecture to help other charging hardware manufacturers utilize their protocols and APIs.
Shekhar stated, “The open software architecture allows businesses, EV manufacturers, fleet operators to get easy API integration for any kind of hardware along with a dashboard for monitoring utilization, cost-saving, and environmental impact.”
In 2019-20, India’s EV sales stood at 380,000 units, with the EV battery demand at 5.4 GWh.
As per a report published by India Energy Storage Alliance (IESA), the EV market in India is expected to cross more than 6.3 million units per year by 2027.
Commenting on the investment, Vinay Bansal, founder-CEO, Inflection Point Ventures said, “Electric mobility is picking up the pace very quickly with a large population aspiring to shift to electric vehicles, and with this, the demand for its resources is also increasing. Kazam is catering to this need with its expertise in charging stations, helping the entire sector grow.”
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