Kazam, an EV energy-tech startup, has raised $6.2 million in a Series B funding round from the International Finance Corporation (IFC) and existing investors Vertex Ventures SEA & India and Avaana Capital Advisors.
The funds raised will be used to expand across markets with its energy transition tools to accelerate the adoption of sustainable mobility.
This latest round brings Bangalore-headquartered Kazam’s total capital raised to $19.2 million, including $13 million in equity funding in past rounds led by Avaana Capital Advisors, Vertex Ventures SEA & India, and Chakra Ventures.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is building an ecosystem for electric vehicles. Kazam’s device-agnostic digital infrastructure platform enables EV charging and battery-swapping operators, vehicle OEMs, fleets, and power utilities to manage and analyze charging assets.
To date, Kazam has onboarded over 68,000 chargers, enabled 5 million+ charging sessions, and facilitated 45 GWh of energy, resulting in 46,000 tons of CO₂ avoided. Just last month, the platform powered 25 million electric km across 80 cities and 10 countries.
Kazam claims to 4X its revenue from $1.5 million in FY24 to $6 million in FY25, and targets $12 million in revenue this fiscal, with EBITDA positivity in sight.
Akshay Shekhar, CEO and Co-Founder, Kazam, said, “Kazam is building the digital infrastructure for EVs at scale, something that’s critical as the world transitions to clean mobility. IFC’s backing signals confidence in our platform’s potential to decarbonize transport, especially across emerging markets.”
Wendy Werner, Country Head, India and Maldives, IFC, said, “EVs are key to accelerating India’s economic growth and energy transition. However, limited charging infrastructure remains a challenge. Our investment in Kazam aligns with IFC’s strategy to catalyze the growth of the electric mobility ecosystem. It will help scale the EV ecosystem and expand access to charging infrastructure, supporting the broader adoption of clean transportation across the country.”
