Kazam Secures $6.2 Million in Series B from IFC & Others to Boost Global EV Charging Infrastructure

StartupTalky News

23 Jun 2025 — 4 min read

Kazam Raises $6.2 million in Series B Funding

Kazam, India’s fastest-scaling EV energy-tech company, has raised $6.2 million in Series B funding from the International Finance Corporation (IFC) and existing investors Vertex Ventures SEA & India and Avaana Capital Advisors. The investment will fuel Kazam’s expansion across markets with its energy transition tools to accelerate the adoption of sustainable mobility.

This latest round brings Bengaluru-headquartered Kazam’s total capital raised to $19.2 million, including $13 million in equity funding in past rounds led by Avaana Capital Advisors, Vertex Ventures SEA & India, 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, Kazam. “IFC’s backing signals confidence in our platform’s potential to decarbonize transport, especially across emerging markets.”

“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 is building the energy gateway for mobility. 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. As EV adoption accelerates globally, Kazam will play a pivotal role in shaping the digital backbone of the future of mobility,” said Swapna Gupta, Partner, Avaana Capital.

Kazam has seen rapid growth, with revenues rising 4X from $1.5 million in FY24 to $6 million in FY25, and targets $12 million in revenue this fiscal, with EBITDA positivity in sight.

Today, 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 marks a pivotal moment as Kazam scales its technology and reach, bringing reliable, accessible EV charging to the forefront of the global energy transition.

About Kazam

Launched in 2020, Kazam is a pioneering e-mobility startup that offers device-agnostic solutions to EV charging & battery swapping operators, vehicle OEMs, fleet operators, and electricity grid companies. Through its innovative software and hardware solutions, Kazam empowers operators and vehicle owners to control, manage, and analyse their charging assets, effectively addressing the critical issue of range anxiety and making EV charging more accessible across India.

The company was co-founded by Akshay Shekhar, CEO, and Vaibhav Tyagi, CTO, with a vision to revolutionise the EV landscape globally. Kazam is also a Founding Alliance Member of the Unified Energy Interface (UEI), a UPI-like software for the energy sector, powered by the Beckn Protocol.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilising private capital to create a world free of poverty on a livable planet.

About Vertex Ventures Southeast Asia & India

Vertex Ventures Southeast Asia & India is a leading early-stage venture capital firm focused on partnering with high-growth startups across Southeast Asia and India. With a strong network and strategic expertise, they have invested in successful companies such as Grab, FirstCry, Nium, Licious, Kuku FM, and PatSnap, driving innovation and scaling businesses across various sectors.

About Avaana Capital

Founded in 2018, Avaana Capital invests in and supports exceptional deep tech entrepreneurs and startups leveraging frontier innovation to pioneer globally competitive solutions in Energy, Supply Chains, Food and Agriculture and Advanced Materials.

To date, Avaana has made high-conviction investments in pioneering startups including GreenGrahi (insect biotech platform), High Time Foods (shelf-stable plant protein), Eeki Foods (climate resilient precision agriculture), Dreamfly (specialised thermal battery management solutions for drones), Kazam ( interoperable EV charging platform), Eggoz (India’s largest packaged egg brand), Farmart (SaaS-B2B platform for food aggregation and distribution), and Amperehour (modular plug-and-play battery storage solutions)- each building cost-competitive, future-ready solutions from India for the world.