Business News | IoT Startup Kazam Raises Rs 7 Crore in Seed Round Led by Inflection Point Ventures
Get latest articles and stories on Business at LatestLY. IoT-based charging station provider Kazam has raised Rs 7 crore in a seed round led by Inflection Point Ventures, one of India's largest angel investment platforms in India.
New Delhi [India], June 23 (ANI): IoT-based charging station provider Kazam has raised Rs 7 crore in a seed round led by Inflection Point Ventures, one of India's largest angel investment platforms in India.
The funds will be used for product development, ramping up sales, operations and marketing with Kazam providing affordable and smart electric vehicle charging stations made in India.
The company has set up over 30 charging stations in Karnataka, Maharashtra, Delhi/NCR, Telangana and Tamil Nadu.
Vinay Bansal, Founder and CEO of Inflection Point Ventures, said many startups in electric mobility are scaling well.
"Kazam fits in organically. 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."
The electric vehicle market has a large unaddressed need for charging infrastructure for all vehicles (2W/3W/4W) in both personal and commercial applications.
Akshay Shekhar, Co-Founder of Kazam, said electric vehicles are growing at a rapid pace and the company has a solution for all 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," he said in a statement.
In 2019-20, India's EV sales totalled 3.8 lakh units with the EV battery demand totalling 5.4 gigawatt hours. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)