An electric mobility software platform for charge-point operators and electricity grid management platform, Kazam, on Wednesday, raised about USD 3.6 million in a fresh funding round led by Avaana Capital Fund. Third Derivative and existing investors Inflection Point Ventures and We Founder Circle also participated in the round.
The platform said in a statement that it has over 7,000 charging points under management, and furthermore, it plans to integrate 60,000 charging and swapping stations with its operating system in the next 14–15 months.
The Bengaluru-based startup further said that it also plans to expand in international markets such as the United States. The startup currently has partnerships with two charge-point operators managing about 3,000 vehicles in the US.
It enables over 60 charge-point operators across the country, including large ecommerce companies, 2-wheeler original equipment manufacturers, and third-party logistics companies. Kazam was founded by Shekhar and Vaibhav Tyagi in 2021. The company currently manages 150,000 kilowatt-hours (kWh) of electricity per month.
The global EV charging infrastructure market, with a growth rate of 29.4 per cent, is expected to grow exponentially from USD 7.7 billion in 2020 to USD 27.7 billion by 2025.