Leading venture capital company Vertex Ventures is leading a $5 million (INR 42.5 Cr) investment round for electric mobility startup Kazam, which is preparing for its next stage of growth. The company’s strategic expansion plans are revealed in this exclusive news, which was gained from Kazam’s file with the Ministry of Corporate Affairs (MCA).
Investor Confidence and Strategic Stakes
The funding round sees participation from not only Vertex Ventures, but also Avaana Capital and Chakra India Growth Fund. Interestingly, the filings indicate a potential shift in ownership:
- Vertex Ventures is poised to become a major stakeholder with a 16.45% stake following their significant investment of INR 30 Cr.
- Avaana Capital, a previous investor, will also see its stake rise to 16.45%.
- Chakra India Growth Fund joins the table with a 0.63% stake.
Fueling Growth and Expansion
With this new funding, Kazam will be able to move more quickly on its expansion and growth goals. The business plans to use these funds to strengthen its position in the rapidly expanding electric vehicle (EV) sector..
Kazam’s EV Ecosystem: Hardware and Software Solutions
Founded in 2020 by Vaibhav Tyagi and Akshay Shekhar, Kazam stands out for providing an extensive range of software and hardware solutions for electric mobility. They provide services for the whole electric vehicle ecosystem, which include:
- Hardware: Kazam provides EV charging infrastructure as a core hardware solution.
- Software: They equip clients with software solutions for fleet management, charging management, and battery swapping management.
This holistic approach provides a one-stop shop for businesses and individuals transitioning to electric mobility.
Impressive User Base and Geographic Reach
Kazam boasts impressive user numbers. Their platform reportedly manages over 150,000 kWh of electricity used by EVs across the US, Europe, and Asia-Pacific.
- 15,000 charging stations on their platform
- 65,000 users actively utilizing their services
Competitive Landscape and Industry Partnerships
Kazam navigates the competitive terrain of electric mobility with the help of well-known companies like Battery Smart and Bolt.Earth. But what distinguishes Kazam is their dedication to offering a full hardware-software solution. This extensive ecosystem has drawn notable alliances with major players in the market, like Flipkart, Mahindra Logistics, BigBasket, and others.
Kazam Powers Up the EV Revolution
With this significant funding round, Kazam is poised to play a pivotal role in accelerating the adoption of electric vehicles. Their innovative solutions and strategic partnerships position them as a leading force in shaping the future of sustainable transportation.
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