Cleantech Startup Kazam Raises $5M from Vertex Ventures and Others

Avaana Capital and Chakra India Growth Fund will also participate in Kazam’s funding round

The last amount raised by Kazam in a financing round led by Avaana Climate Fund in May last year was $3.6 million

Founded in 2020, the startup provides hardware and software solutions for electric mobility, such as charging infrastructure and fleet management solutions

Electric mobility startup Kazam raises $5 Mn (INR 42.5 Cr) in a funding round led by Licious and Pilgrim-backed Vertex Ventures. Avaana Capital and Chakra India Growth Fund will also participate in the round, according to a filing with the Ministry of Corporate Affairs (MCA).

The startup plans to use the capital to fuel its growth and expansion plans. Post the investment, Vertex Ventures will hold a 16.45% stake in the startup. Avaana will also see its stake increase to 16.45%, while Chakra India Growth Fund will hold a 0.63% stake.

Vertex invests the largest amount – INR 30 Cr – in the funding round.

There is a possibility that the size of the funding round could increase if more investors join. Queries sent to Kazam regarding the funding round did not elicit any response by the time this story was published.

In addition to the funding, the startup’s shareholders also approved a proposal to create Management Stock Option 2024 (MSOS 2024).

Kazam last raised $3.6 million in a funding round led by Avaana Climate Fund last May. Third Derivative and existing investors Inflection Point Ventures and We Founder Circle also participated.

The Bengaluru-based startup, founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, claims to manage 150,000 kWh of electricity across the US, Europe and Asia-Pacific.

The offer includes both hardware and software. In terms of hardware, it primarily offers electric vehicle charging. In terms of software, it offers fleet management software, charging management solutions, battery replacement management, and more.

The startup claims to have 15,000 chargers and 65,000 users on its platform.

Kazam competes with the likes of Bolt.Earth and Battery Smart. Its clients include Flipkart, Mahindra Logistics, BigBasket and LetsTransport.