Team Startupcity

• $6 million raised in Series B funding.
• Led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital.
• Funds will support growth and expansion of charging services.

Kazam, an e-mobility venture, is set to raise $6 million in its Series B round, which will be led by its existing investor Vertex Ventures and will see participation from Avaana Capital and Chakra Growth Capital.

 According to a filing with the Registrar of Companies (RoC), IFC VVSEA Co-Invest LP a co-investment vehicle created by the International Finance Corporation (IFC) to partner with venture capital funds along with Vertex Ventures, jointly invested $4.9 million. Besides, the Avaana Sustainability Fund also invested $1.01 million, while Chakra India Growth Fund invested $0.9 million in this financing round. Kazam's board has approved issuing Series B Compulsorily Convertible Preference Shares (CCPS) with a face value of Rs 10 each, at a price of $165.06 per share to the investors.

The funds obtained in this acquisition will be utilized to finance the company's growth, expansion, and routine corporate purposes. The Bengaluru startup had raised $8 million in a Series A3 round in the past also headed by Vertex Ventures Southeast Asia and India, with Avaana Capital and Alteria Capital, among others, participating.

After this recent fund raise, IFC VVSEA Co-Invest and Vertex Ventures jointly will own a 22.88% stake in the company, Avaana will have 17.02%, and Chakra India will own a 1.51% stake. Established in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam provides charging services to customers like BigBasket, Flipkart, and Mahindra Last Mile Mobility..