Electric mobility startup Kazam is getting ready to raise $6 million in a Series B funding round. The round will be led by its current investor, Vertex Ventures, with support from Avaana Capital and Chakra Growth Capital.
A filing with the Registrar of Companies (RoC) shows that IFC VVSEA Co-Invest LP, a fund set up by the International Finance Corporation (IFC) to invest alongside venture capital firms, took part in the funding round.
Together with Vertex Ventures, IFC VVSEA Co-Invest LP invested $4.9 million in Kazam.
A document filed with the Registrar of Companies (RoC) shows that IFC VVSEA Co-Invest LP, a special investment fund created by the International Finance Corporation (IFC) to work with venture capital firms, joined the funding round.
Together with Vertex Ventures, IFC VVSEA Co-Invest LP invested a total of $4.9 million in Kazam.
In the funding round, Avaana Sustainability Fund invested $1.01 million, and Chakra India Growth Fund put in $0.9 million.
Kazam’s board approved a plan to issue Series B shares to investors. Each share has a face value of Rs 10 and will be sold for $165.06.
These shares can later be converted into regular company shares.
Kazam will use the new funds to grow its business, expand into new areas, and cover general company expenses.
The Bengaluru-based startup last raised $8 million in a Series A3 funding round. The round was led by Vertex Ventures Southeast Asia and India, with support from Avaana Capital, Alteria Capital, and others.
After the latest funding round, IFC VVSEA Co-Invest and Vertex Ventures together will own 22.88% of Kazam. Avaana will hold 17.02%, and Chakra India will have a 1.51% stake in the company.
Kazam was started in 2020 by Akshay Shekhar and Vaibhav Tyagi. The startup offers charging services for electric vehicles and works with companies like BigBasket, Flipkart, and Mahindra Last Mile Mobility.
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