E-mobility startup Kazam is set to raise $6 million in a Series B funding round led by existing investor Vertex Ventures, and with participation from Avaana Capital and Chakra Growth Capital.
According to a Registrar of Companies (RoC) filing, IFC VVSEA Co-Invest LP— a co-investment vehicle set up by the International Finance Corporation (IFC) to partner with venture capital funds, and Vertex Ventures jointly invested $4.9 million.
Avaana Sustainability Fund invested $1.01 million while Chakra India Growth Fund invested $0.9 million in the funding round.
Kazam’s board passed a resolution to issue Series B Compulsorily Convertible Preference Shares having a face value of Rs 10 each at an issue price of $165.06 per Series B CCPS to the investors.
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The newly raised capital will be used by the company to fund its growth, expansion, and general corporate activities of the company.
The Bengaluru-based startup last raised $8 million in a Series A3 funding round led by Vertex Ventures Southeast Asia and India and also saw participation from Avaana Capital and Alteria Capital, among others.
Post the recent fundraise, IFC VVSEA Co-Invest and Vertex Ventures will jointly own 22.88% stake in the company, with Avaana owning 17.02%, and Chakra India picking up a 1.51% stake.
Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, the startup provides charging services to companies like BigBasket, Flipkart and Mahindra Last Mile Mobility.
