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Made In India IoT Startup Kazam Raises INR 7 Crore Led By Inflection Point Ventures

The funds raised will be used for product development, ramping up sales, operations, and marketing, as Kazam continues to provide the most affordable and smart electric vehicle charging stations made in India, and has set up over 30 charging stations in 5 states – Karnataka, Maharashtra, Delhi/NCR, Telangana, and Tamil Nadu

India’s first intelligent IoT-based charging station, Kazam has raised INR 7 crore in a seed round led by Inflection Point Ventures, one of India’s largest angel investment platforms in India. The funds raised will be used for product development, ramping up sales, operations, and marketing, as Kazam continues to provide the most affordable and smart electric vehicle charging stations made in India, and has set up over 30 charging stations in 5 states – Karnataka, Maharashtra, Delhi/NCR, Telangana, and Tamil Nadu.

The Electric Vehicle (EV) market has a large unaddressed need for charging infrastructure for all vehicles (2W/3W/4W), in both personal & commercial applications. Kazam aspires to be the most innovative, profitable, and consumer-obsessed product company through a network of charging stations enabled with IoT devices for connectivity, analytics, BMS, and the ability to meter and bill users through a simple app. According to a report by India Energy Storage Alliance (IESA), the EV market in India is projected to cross over 63 lakh units per year by 2027. The rise in the number of electric vehicles on the road would have a positive effect on cutting down carbon emissions of India and will also help Kazam scale up at an accelerated rate.

Vinay Bansal, Founder, and CEO, Inflection Point Ventures says, “In the last 5 years, the Government of India has announced multiple beneficial initiatives to increase the sales of EV vehicles. Many startups in electric mobility are scaling well and we have invested in quite a few. Thus, Kazam fits in organically as we believe with more electric mobility startups getting launched and scaled, the infrastructure and discovery need (especially charging the vehicles) will be critical in the overall success of this sector. Kazam’s strong founding team has an in-depth understanding of technology and physical infrastructure needed to help the sector grow faster and this encouraged us to invest in the Company.”

Source: Business World

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