In a resounding vote of confidence for India’s green mobility ambitions, Kazam, one of the country’s fastest-growing EV energy-tech startups, has raised $6.2 million in Series B funding. The investment was led by the International Finance Corporation (IFC), a member of the World Bank Group, and supported by existing investors Vertex Ventures Southeast Asia & India and Avaana Capital Advisors.
This fresh capital infusion marks a pivotal moment for the Bengaluru-headquartered company, pushing its total capital raised to $19.2 million, including $13 million in equity across earlier rounds. And Kazam is putting this momentum to work—aiming to revolutionize EV adoption across India and beyond by tackling one of the industry’s biggest roadblocks: reliable, scalable charging infrastructure.
Credits: Medial
Building the Backbone of India’s EV Ecosystem
Founded in 2020 by Akshay Shekhar (CEO) and Vaibhav Tyagi (CTO), Kazam was born from a simple but urgent insight: India’s EV future cannot be realized without a robust and intelligent energy infrastructure. The startup builds a full-stack, device-agnostic platform that allows EV charging and battery swapping operators, OEMs, fleet companies, and even electricity grids to manage and analyze their energy needs efficiently.
But Kazam is more than just a charging platform—it is building the digital rails for clean transportation, aiming to do for EV energy what UPI did for digital payments in India.
“We’re not just deploying chargers,” says CEO Akshay Shekhar. “We’re creating a scalable, interoperable digital ecosystem that can adapt and grow as the market evolves. IFC’s support validates our vision and our role in accelerating the global transition to clean mobility.”
IFC’s First-Mover Confidence
The participation of IFC brings both credibility and strategy to Kazam’s ambitions. As Wendy Werner, Country Head for India and Maldives at IFC, emphasized:
“EVs are essential to India’s sustainable growth, but the sector is still constrained by a lack of accessible charging. Kazam addresses that head-on. Our investment reflects IFC’s belief in scalable, private-sector solutions that serve the greater good.”
For IFC, known for backing transformative infrastructure across the globe, this is not just a financial bet—it’s a strategic move to foster inclusive, green development in emerging markets.
Backed by the Best: Vertex and Avaana Double Down
Alongside IFC, Kazam’s existing investors—Vertex Ventures SEA & India and Avaana Capital Advisors—reaffirmed their belief in the company by participating in this round.
“Kazam’s ‘charging-in-a-box’ model is elegant, scalable, and needed,” said Nikhil Marwaha, Senior Executive Director at Vertex. “They’ve not only built great tech but shown tremendous execution ability. We’re proud to back them again.”
“Kazam is tackling one of the biggest pain points in EV adoption with a razor-sharp focus,” added Swapna Gupta, Partner at Avaana Capital. “They’re laying down the digital foundation on which the future of mobility will be built.”
Record Growth with Impact at Scale
Kazam isn’t just raising capital—it’s growing rapidly and measurably. In just one year, the company’s revenues quadrupled from $1.5 million in FY24 to $6 million in FY25, and they are now targeting $12 million this fiscal, with EBITDA positivity within reach.
Its operational footprint is equally impressive:
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68,000+ chargers onboarded
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Over 5 million EV charging sessions completed
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45 GWh of energy dispensed
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46,000 tons of CO₂ emissions avoided
In May 2025 alone, Kazam’s platform powered 25 million electric kilometers across 80 Indian cities and 10 international markets.
This impact is not just environmental—it’s infrastructural. By ensuring that EV drivers have consistent access to reliable energy, Kazam is directly addressing range anxiety, one of the largest barriers to mass EV adoption.
Credits: Marca Money
Final Charge: Full Speed Ahead
As India accelerates toward its 2030 clean energy goals, startups like Kazam are laying the foundation for a greener tomorrow—not just by building products, but by creating systems that transform how mobility and energy interact.
This latest Series B funding signals not just capital injection, but trust in Kazam’s vision, team, and tech. With growth surging, profitability on the horizon, and IFC’s global support now in its corner, Kazam is charging into the future—and taking India’s EV ecosystem with it.
