Kazam, a Bengaluru-based electric vehicle (EV) charging startup, is set to expand its operations beyond India into Southeast Asia. With its strong presence in India, Kazam is targeting Malaysia, Thailand, and Indonesia for its next phase of growth. This move follows a successful $8 million Series A3 funding round led by Vertex Ventures Southeast Asia and India.
Strategic Expansion
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam has quickly become a major player in India’s EV market. The company’s innovative solutions for electric two and three-wheelers have earned it a leading position. Now, Kazam is leveraging partnerships, such as its collaboration with Malaysia’s Petronas, to enter new markets and potentially expand into Sri Lanka, Nepal, and Africa.
Investment and Growth
The $8 million Series A3 funding, backed by Avaana Capital and Alteria Capital, increases Kazam’s total funding to $13 million. This investment will support the development of new fast chargers and help establish a wider network across Southeast Asia.
Focus on R&D and Talent
Kazam’s success in India stems from its strong R&D and in-house design capabilities. To further its expansion, Kazam plans to hire more product and development experts, enhancing both charger development and market interoperability.
Lessons from India
Kazam has addressed early challenges like power cuts and user issues with effective solutions, gaining a reputation for reliability. The startup now operates over 25,000 charge points in India, supporting significant EV usage.
Future Goals
As Kazam expands, it aims to increase its annual recurring revenue from $3.2 million to $4.5–$5 million by year-end and achieve EBITDA positivity soon.
Shaping the Future
Kazam’s move into Southeast Asia marks a new chapter in EV charging infrastructure. By building on its Indian success and forging new partnerships, Kazam is set to become a key player in global electric mobility.