The year-old startup plans to use the funds for product development, scaling up operations, ramping up sales and marketing.
A lot of early-stage companies are gearing up to offer solutions to the auto industry as the adoption of electric vehicles picks up. Many of these firms are solving the infrastructure needs for the big EV push that the country is witnessing.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam runs IoT-enabled EV charging stations in five states — Karnataka, Maharashtra, Delhi NCR, Telangana and Tamil Nadu. “The company is looking to expand from its current network of 30 charging stations,” it said.
The charging stations will be enabled with IoT devices for connectivity, analytics and the ability to meter and bill users through an app, the company said.
The company has built the hardware and software technology for affordable and smart EV charging infrastructure. It has also built an open architecture to help other charging hardware manufacturers to use their protocols and APIs.
Kazam’s in-built charging stations and software can be installed and operated by a mobile application, without the need for any manpower. “The open software architecture allows businesses, EV manufacturers, fleet operators to get easy API integration for any kind of hardware along with a dashboard for monitoring utilisation, cost-saving and environmental impact,” said Akshay Shekhar, co-founder of Kazam.
In 2019-20, India’s EV sales totalled 3.8 lakh units, with the EV battery demand totalling 5.4GWh. According to a report by India Energy Storage Alliance (IESA), the EV market in India is projected to cross over 63 lakh units per year by 2027.
“Electric mobility is picking up pace very quickly with a large population aspiring to shift to electric vehicles, and with this, the demand of its resources is also increasing. Kazam is catering to this need with its expertise in charging stations, helping the entire sector grow,” said Vinay Bansal, founder-CEO, Inflection Point Ventures.
This is the angel network’s 19th deal so far this year. IPV has so far invested Rs 207 crore across 77 companies since 2018.