Electric vehicle startup Kazam is raising Rs. 51 crore (approximately $6 million) as part of its Series B funding round, led by Vertex Ventures and joined by group funds from Avaana Capital, and Chakra Growth Capital.
- Electric vehicle startup Kazam raises Rs. 51 Crore in Series B funding led by Vertex Ventures.
- Kazam powers 25,000+ EV charging points, accelerates growth with new investment.
- EV charging software platform Kazam partners with Ather, TVS, Hero & more for scale.
The board of Kazam passed this special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise that amount, according to a regulatory filing to the Registrar of Companies (RoC).
IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will both invest $4.9 million. Avaana Capital and Chakra Growth Capital will invest $1.01 million and $0.9 million, respectively.
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According to Entrackr's estimates, Kazam would have a post-allotment value of roughly $51 million.
Kazam intends to utilize the funds for business growth and expansion and for general corporate purposes. Following this funding round, the combined holdings of Vertex Ventures and IFC VVSEA Co-Invest will be 22.89 percent, while Avaana Capital and Chakra Growth Capital's holdings will be 17.02 percent and 1.51 percent, respectively.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that builds smart and affordable charging networks.
Its technology enables different types of vehicles such as two-wheelers, commercial electric vehicles (CEVs), or three-wheelers, and city buses. It boasts powering over 25,000 charging points.
The Bengaluru-based EV startup has partnered with BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette.
