Kazam Secures USD 6.2 Mn Series B Funding from IFC and Existing Investors to Scale EV Infrastructure
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Kazam, a Bengaluru-based EV energy-tech startup, has raised USD 6.2 million in Series B funding from the International Finance Corporation (IFC), along with continued support from existing investors Vertex Ventures Southeast Asia & India and Avaana Capital Advisors.
The fresh capital will be used to expand Kazam's market presence and further develop its suite of digital energy-transition tools aimed at accelerating the global shift to sustainable mobility.
With this round, the total funding raised by Kazam now stands at USD 19.2 million, which includes USD 13 million in equity raised from previous rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures.
"Kazam is building the digital infrastructure for EVs at scale, something that's critical as the world transitions to clean mobility," said Akshay Shekhar, CEO and Co-founder of Kazam. "IFC's backing signals confidence in our platform's potential to decarbonize transport, especially across emerging markets."
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam offers a device-agnostic platform for EV charging and battery-swapping operators, vehicle OEMs, fleet managers, and utility companies. Its innovative technology allows stakeholders to manage, monitor, and analyse their charging infrastructure through both software and hardware solutions, addressing major challenges like range anxiety and charging accessibility.
As a founding alliance member of the Unified Energy Interface (UEI), Kazam is contributing to the creation of an interoperable, UPI-like protocol for the energy sector, reinforcing its commitment to open and scalable digital solutions.
"EVs are key to accelerating India's economic growth and energy transition," said Wendy Werner, Country Head, India and Maldives, IFC. "Our investment in Kazam aligns with IFC's strategy to catalyze the EV ecosystem and improve access to clean transport infrastructure."
Kazam claims to have demonstrated strong growth, with revenue quadrupling from USD 1.5 million in FY24 to USD 6 million in FY25, and is targeting USD 12 million in FY26. The company has deployed over 68,000 charging points, facilitated over 5 million charging sessions, and powered 45 GWh of clean energy—offsetting 46,000 tons of CO₂.
"This round is a testament to Kazam's full-stack 'charging-in-a-box' platform and visionary leadership," said Nikhil Marwaha of Vertex Ventures. Avaana Capital's Swapna Gupta added, "Kazam is building the energy gateway for mobility with unmatched focus and technology prowess."
The funding signals a major leap in Kazam's journey to build the digital backbone for global EV adoption.
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