A funding round, led by Avaana Climate Fund and with participation from Third Derivative, Inflection Point Ventures, and We Founder Circle, has resulted in $3.6 million being raised by electric mobility software startup, Kazam. The funds will be used to expand the company’s existing offerings through technology innovation and the strengthening of its product teams. A one-stop e-mobility software platform is being developed by Kazam to manage the entire value chain from managing grid energy to fuelling an EV to managing a fleet.
Kazam’s platform includes a battery management system, which provides users with complete analytics of the energy consumption and capacity of an EV battery pack. The company, founded in 2020, is present in the US, Europe, and Asia-Pacific, managing 150,000 kWh of electricity. The company manages over 7,000 charging points and intends to integrate 60,000 charging and swapping stations with its operating system over the next 14-15 months. In India, Kazam has partnered with over 60 charging point operators. The company has plans to expand its presence in the US, where it is partnered with two charging point operators, managing 3000+ vehicles.
Earlier, Kazam had secured $1 million in funding over three rounds from Dell Technologies and Inflection Point Ventures. The global EV charging infrastructure market is expected to grow exponentially from $7.7 billion in 2020 to $27.7 billion by 2025, at a CAGR of 29.4%, according to the company. The startup aims to partner with government and private charging stations to gain a strategic position in the Indian market.
The Indian EV market has seen significant government participation recently, with a target of having 30% electric private cars, 70% electric commercial vehicles, and 80% electric two- and three-wheelers by 2030. The government is focused on nine cities, including Surat, Pune, Ahmedabad, Bengaluru, Hyderabad, Delhi, Kolkata, Mumbai, and Chennai. In March, Parliament was informed by Minister of State (MoS) for Heavy Industries Krishan Pal Gurjar that India is home to 21.7 lakh registered EVs. However, the Society of Manufacturers of Electric Vehicles (SMEV) rebuked the government for failing to achieve the targets under the FAME-II subsidies scheme, claiming that only around 5 lakh EVs have been funded under the scheme, which is about 50% of the target.