New Delhi, June 23 -- Kazam EV Tech Pvt Ltd, a startup that provides charging software and hardware for electric vehicles, said on Monday it has raised $6.2 million (Rs 53.8 crore) in Series B funding from International Finance Corporation (IFC), with participation from existing investors Vertex Ventures Southeast Asia and India and Avaana Capital.

The latest round comes almost a year after the Bengaluru-based startup secured $8 million in an extended Series A round. With the fresh funding, Kazam has raised $19.2 million in total funding. This includes $13 million in equity funding in prior rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures.

Kazam offers software and hardware solutions to EV charging and battery swapping operators, original equipment manufacturers, fleet operators, and electricity grid companies. The company's hardware solutions include charging points for EVs and a software to control, manage, and analyze their charging assets.

The company plans to scale its expansion across markets with its energy transition tools, according to a statement.

"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 at IFC, the private-sector investment arm of the World Bank Group's World Bank Group.

Kazam said it has seen rapid growth in its business with revenue rising four times to $6 million (Rs 52 crore) in FY25. The company is now targeting $12 million in revenue in the current financial year, and expects to turn profitable on an EBITDA level.

For the financial year ended March 2024, the company's operating revenue more than tripled to Rs 12.2 crore from Rs 3.8 crore in the preceding year. Net loss widened to Rs 10.2 crore in FY24 from Rs 9 crore, as per VCCEdge data.

Kazam was founded by Akshay Shekhar and Vaibhav Tyagi in 2020. It claims to have boarded over 68,000 chargers, enabled more than 5 million charging sessions, and facilitated 45 GWh (gigawatt hour) of energy.

Published by HT Digital Content Services with permission from VC Circle.