Startups

IoT startup Kazam raises ₹7 cr led by Inflection Point Ventures

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Bengaluru: Internet-of-Things based startup, Kazam has raised 7 crore as part of its seed round of funding led by Inflection Point Ventures,

According to the company, the funds raised will be used for product development, ramping up sales, operations and marketing.

Founded in 2020, Kazam, at present offers smart electric vehicle charging stations made in India and has set up over 30 charging stations in five states including – Karnataka, Maharashtra, Delhi NCR, Telangana and Tamil Nadu.

“Electric Vehicles are growing at a rapid pace and Kazam has a solution for all the EV charging needs for fleet operators, home charging and public charging. We not only provide hardware, but the software needed to manage and operate on a daily basis. We expect to put 10,000 charging stations in 2021-22 and build a robust team to support it,” said Akshay Shekhar, co-founder, Kazam.

The startup’s software platform can be used by businesses, mobility fleets and electric vehicle (EV) original equipment manufacturers (OEMs) and integrates with their existing hardware.

“In the last five years, the Government of India (GoI) has announced multiple beneficial initiatives to increase the sales of EV vehicles. Many startups in electric mobility are scaling well. Hence, Kazam fits in organically as we believe with more electric mobility startups getting launched and scaled, the infrastructure and discovery need (specially charging the vehicles) will be critical in the overall success of this sector,” said Vinay Bansal, founder and chief executive, Inflection Point Ventures.

Kazam looks to provide electric vehicle drivers with information on discovery of charging points, navigation, along with affordable charging and payment through its software solution.

In a span of five months, Kazam has also built an open architecture to help other charging hardware manufacturers to use their protocols and application programming interface (APIs).

“In the consumer segment, customers do want their hands on EVs but the lack of infrastructure makes them hesitant. Kazam’s affordable charging stations and its approach to create micro-entrepreneurs who can host these smart charge-points to earn income, will create a network of charge-points across the country,” said Vaibhav Tyagi, co-founder, Kazam.

In 2019-20, India’s electric vehicle sales totalled 3.8 lakh units, with the EV battery demand totaling 5.4GWh.

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