Kazam, an electric mobility software platform for charge-point operators and an electrical grid management platform, secured around USD 3.6 million in a new fundraising round headed by Avaana Capital Fund on Wednesday.
The round had the participation of Third Derivative, as well as current investors, We Founder Circle, and Inflection Point Ventures. The Bengaluru-based company said it manages over 7,000 charging points and expects to connect 60,000 charging and switching stations with its operating system over the following 14-15 months.
Kazam has stated that it intends to grow into other areas such as the United States. The company now has contracts with two charge-point operators that manage around 3,000 automobiles in the United States.
It permits approximately 60 charge-point operators around the country, including significant ecommerce enterprises, 2-wheeler OEMs, and third-party logistics organizations
Currently, Kazam manages a monthly 150,000 kilowatt-hours (kWh) of electrical power. The global EV charging infrastructure market is predicted to develop at a 29.4% annual pace, from USD 7.7 billion in 2020 to USD 27.7 billion by 2025.