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India’s first intelligent IoT-based charging station, Kazam has raised Rs crore in a seed round led by Inflection Point Ventures.
“The raised fund will be used for product development, ramping up sales, operations, and marketing, as Kazam continues to provide the most affordable and smart electric vehicle charging stations made in India, and has set up over 30 charging stations in 5 states – Karnataka, Maharashtra, Delhi/NCR, Telangana, and Tamil Nadu,” the statement said.
Speaking on the investment in Kazam, Vinay Bansal, Founder & CEO of Inflection Point Ventures said, “In the last 5 years, the Government of India has announced multiple beneficial initiatives to increase the sales of EV vehicles. Many startups in electric mobility are scaling well and we have invested in quite a few.”
“Thus, Kazam fits in organically as we believe with more electric mobility startups getting launched and scaled, the infrastructure and discovery need (especially charging the vehicles) will be critical in the overall success of this sector. Kazam’s strong founding team has an in-depth understanding of technology and physical infrastructure needed to help the sector grow faster and this encouraged us to invest in the Company,” Bansal added.
Commenting on the fundraise, Akshay Shekhar, Co-Founder, Kazam said, “Electric Vehicles, especially 2W & 3W are growing at a rapid pace and Kazam has a solution for all the EV charging needs for fleet operators, home charging, and public charging. We not only provide hardware but the software needed to manage and operate daily.”
“Our partnership with one of the leading EV fleet operators has already taken a good shape where we are seeing very high transaction rates on our station. We expect to put 10,000 charging stations in 2021-22 and build a robust team to support it. Even with the 2nd wave of Covid hitting our way, IPV and our other investors have stayed resilient and continue to believe in our vision to make electric mobility accessible to all,” Shekhar added.
“In the consumer segment, customers do want their hands on EVs but the lack of infrastructure makes them hesitant. Kazam’s affordable charging stations and its approach to creating micro-entrepreneurs who can host these smart charge-points to earn income will create a network of charge-points across the country,” Vaibhav Tyagi, Co-Founder, Kazam added.