IFC, Vertex, Avaana Back Kazam With $6.2 Mn To Expand EV Infra

Karnataka-based electric vehicle (EV) energy-tech company raised USD 6.2 million in Series B funding from multiple investors. The company raised funding from International Finance Corporation (IFC) and existing investors, Vertex Ventures SEA & India, and Avaana Capital Advisors.

The latest investment is expected to support Kazam’s expansion across the market, and its energy transition tools are expected to support sustainable mobility adoption. This latest round brings Bangalore-headquartered Kazam’s total capital raised to USD 19.2 million, including USD 13 million in equity funding in past rounds led by Avaana Capital Advisors, Vertex Ventures SEA & India, and Chakra Ventures.

Kazam revenues rose 4X from USD 1.5 million in FY24 to USD 6 million in FY25. The company targets USD 12 million in revenue this fiscal year, and has positive EBITDA in sight. 

Kazam has onboarded over 68,000 chargers, enabled 5 million+ charging sessions, and facilitated 45 GWh of energy, resulting in 46,000 tons of CO₂ avoided. Just last month, the platform powered 25 million electric km across 80 cities and 10 countries. This funding is expected to help Kazam scale its technology and reach, while also making EV charging accessible. 

Leadership View

“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.

“EVs are key to accelerating India’s economic growth and energy transition. However, limited charging infrastructure remains a challenge. Our investment in Kazam aligns with IFC’s strategy to catalyze the growth of the electric mobility ecosystem. It will help scale the EV ecosystem and expand access to charging infrastructure, supporting the broader adoption of clean transportation across the country,” said Wendy Werner, Country Head, India and Maldives, IFC.

“We’re extremely happy to welcome IFC as a co-investor in Kazam and strongly believe their global network and experience can help take the company to greater heights. This round is a testament to Kazam’s vision of increasing EV penetration globally, best-in-class full-stack ‘charging-in-a-box’ platform, marquee customer base, and the team’s strong execution capability. As Vertex Ventures, we remain excited about the endless prospects for Kazam, and have participated in this round as well.” Said Nikhil Marwaha, Senior Executive Director, Vertex Ventures Southeast Asia & India.

“Kazam’s approach to building a scalable, interoperable digital ecosystem for EV ecosystem is what the sector needs for steady growth and widespread adoption. We invested in Kazam because of their technology prowess and razor-sharp focus on execution to address the unique challenges of this emerging market.” said Swapna Gupta, Partner, Avaana Capital.

 

India’s EV market is relatively small, accounting for just about 2.5 percent of all cars sold in 2024, with high prices and a limited charging network deterring potential buyers. However, the market is expanding at an impressive rate. If India wants to achieve its target for EVs to make up 30 percent of total passenger vehicle sales by FY 2030, the trend must remain consistent or improve.