Kazam, an EV energy-tech company, raised $6.2 million in Series B funding from the International Finance Corporation (IFC), Vertex Ventures SEA & India, and Avaana Capital. This brings Kazam’s total funding to $19.2 million, including $13 million from prior equity rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures. Headquartered in Bangalore, Kazam aims to expand its digital EV charging and battery-swapping platform globally, accelerating sustainable mobility.
“Kazam is building critical digital infrastructure for EVs,” said CEO Akshay Shekhar. “IFC’s support validates our mission to decarbonise transport in emerging markets.” The funding will enhance Kazam’s technology and market reach, addressing the growing need for reliable EV charging solutions. Wendy Werner, IFC’s Country Head for India and Maldives, emphasised, “Our investment supports Kazam’s role in scaling India’s EV ecosystem, overcoming charging infrastructure challenges, and promoting clean transportation.”
Driving Growth and Sustainability
Launched in 2020, Kazam offers device-agnostic solutions for EV charging and battery swapping, serving operators, vehicle OEMs, fleet operators, and grid companies. It has facilitated over 5 million charging sessions, managed 68,000+ chargers, and enabled 45 GWh of energy, avoiding 46,000 tons of CO₂ emissions. Last month, Kazam powered 25 million electric kilometers across 80 cities in 10 countries.
With revenues from $1.5 million in FY24 to $6 million in FY25, Kazam targets $12 million this fiscal year, nearing EBITDA positivity. “Kazam’s interoperable digital ecosystem is vital for EV adoption,” said Swapna Gupta, Partner at Avaana Capital. Nikhil Marwaha of Vertex Ventures added, “IFC’s global network will elevate Kazam’s best-in-class ‘charging-in-a-box’ platform.”
As a Founding Alliance Member of the Unified Energy Interface (UEI), Kazam leverages the Beckn Protocol to create a UPI-like energy platform. This funding milestone strengthens Kazam’s leadership in building a scalable, sustainable EV ecosystem, addressing range anxiety and supporting India’s energy transition. With a presence in 1,200+ locations across India and the UAE, Kazam is poised to drive the global shift to clean mobility.
