Electric mobility startup Kazam is raising $5 Mn or Rs 42.5 crore in an ongoing funding round led by Licious and Pilgrim-backer Vertex Ventures. The Cleantech startup’s filing with the Ministry of Corporate Affairs (MCA) suggests that Avaana Capital and Chakra India Growth Fund, are also set to participate in the round.
Vertex is investing the highest amount in the funding round with Rs 30 crore and will own 16.45% stakes post-investment. Avaana’s stakes are set to increase to 16.45% too as last year in May, Kazam had secured $3.6 million in funds led by Avaana Climate Fund with participation from Third Derivative, in addition to the existing investors Inflection Point Ventures and We Founder Circle.
Post investment, 0.63% stakes will be owned by Chakra India Growth Fund.
The size of the funding round would potentially increase in case more investors join. Further, these funds will be deployed for expansion. The startup’s shareholders have approved a proposal to set up Management Stock Option 2024 (MSOS 2024) as well.
Akshay Shekhar and Vaibhav Tyagi co-founded Kazam in 2020. The startup is spread across the regions of the US, Europe and Asia-Pacific managing 150,000 kWh of electricity.
The Bengaluru-based startup offers EV charging as part of its hardware services, and claims to have catered to 65,000 users with 15,000 chargers on its platform.
Additionally, fleet management software, charging management solutions, battery swapping management, are its prominent software services.
Flipkart, Mahindra Logistics, BigBasket, and LetsTransport are its notable clients while Bolt.Earth and Battery Smart are among its major contenders.
