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Homegrown IoT startup Kazam has raised ₹7 crore in Seed round led by Inflection Point Ventures.
Kazam offers intelligent IoT based charging stations. Founded in 2020, the company has set up over 30 smart charging stations in five states – Karnataka, Maharashtra, Delhi/NCR, Telangana and Tamil Nadu.
The funds raised will be used for product development, ramping up sales, operations and marketing, as Kazam continues to provide its smart electric vehicle charging stations made in India, it said.
The company is aiming to leverage the growing Electric Vehicle (EV) market in India and the need for charging infrastructure for all vehicles (2W/3W/4W), in both personal & commercial applications.
The company is aiming to grow its network of charging stations enabled with IoT device for connectivity, analytics, BMS and ability to meter and bill users through a mobile app.
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 on a daily basis.”
“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,” added Shekhar.
Vaibhav Tyagi, Co-Founder, Kazam 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 create micro-entrepreneurs who can host these smart charge-points to earn income, will create a network of charge-points across the country.”
Vinay Bansal, Founder and CEO, 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. Kazam fits in organically as we believe with more electric mobility startups getting launched and scaled, the infrastructure and discovery need (specially charging the vehicles) will be critical in the overall success of this sector. Kazam’s strong founding team has in-depth understanding of technology and physical infrastructure needed to help the sector grow faster and this encouraged us to invest in the Company.”
The company has built the hardware & software tech for affordable and smart EV charging infrastructure, getting deeper into the EV ecosystem over a span of five months. It has also built an open architecture to help other charging hardware manufacturers use their protocols and APIs..
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