As reported by The Times of India (TOI)
Kazam, a Bengaluru-based electric mobility technology company, has successfully raised $6.2 million in a Series B funding round, led by the International Finance Corporation (IFC). Existing investors Vertex Ventures and Avaana Capital also participated in the round, according to a report by The Times of India (TOI).
The latest funding will enable Kazam to expand its digital EV infrastructure across new markets, further supporting the global transition to sustainable transportation. Speaking to TOI, Akshay Shekhar, CEO and Co-founder of Kazam, emphasized that the investment will accelerate the company’s mission to build scalable digital infrastructure essential for the clean mobility revolution.
Total Funding Reaches $19.2 Million
With this round, Kazam’s total funding has reached $19.2 million, including $13 million from previous equity rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures.
“Kazam is building the digital infrastructure for EVs at scale—a critical element in the worldwide shift to clean mobility,” said Shekhar. “The backing from IFC is a strong endorsement of the impact our platform can have in decarbonizing transportation, especially across emerging markets.”
IFC’s Focus on Clean Transportation
Wendy Werner, IFC’s Country Head for India and Maldives, highlighted that the investment will play a pivotal role in expanding India’s EV charging ecosystem. “Electric vehicles are essential for accelerating India’s economic growth and supporting its energy transition. Kazam’s technology will help make EV charging infrastructure more accessible nationwide and promote the widespread adoption of clean transportation,” she said.
Industry Support and Growth Trajectory
Swapna Gupta, Partner at Avaana Capital, noted that Kazam’s scalable, device-agnostic platform is set to become the digital backbone of the EV sector. “Kazam is building the energy gateway for mobility, with a strong focus on interoperability and scalability. This will be vital for global EV adoption in the coming years,” Gupta said.
Kazam has experienced impressive growth, achieving $6 million in revenue in FY25, quadrupling its FY24 revenue. The company now targets $12 million in revenue this fiscal year, with EBITDA profitability on the horizon.
Operational Milestones
The company has onboarded over 68,000 chargers, enabled more than 5 million charging sessions, and facilitated the transfer of over 45 GWh of energy, helping avoid an estimated 46,000 tons of carbon emissions. In May alone, Kazam’s platform powered 25 million electric kilometers across 80 cities and 10 countries.
Founded in 2020, Kazam provides device-agnostic solutions for EV charging and battery swapping operators, OEMs, and fleet managers. Its software and hardware platforms aim to make electric mobility more accessible and efficient across India. The company is also a founding alliance member of the Unified Energy Interface (UEI)—an open protocol similar to UPI but focused on energy transactions.