IFC-backed electric mobility infrastructure startup Kazam recorded Rs 40 crore in revenue in FY25, which ended in March 2025. At the same time, the company remains on track to reach Rs 100 crore in annual revenue and expects to turn profitable by early 2026, supported by higher charger utilisation across markets, according to chief operating officer Akshay Shekhar.
Based in Bengaluru, Kazam operates an EV charging and energy management platform that provides both software and hardware solutions. Through this platform, the company supports electric vehicle charging and battery swapping operators across two-wheelers, three-wheelers, and four-wheelers.
Currently, the platform manages more than 9,000 MWh of energy transactions every month. Notably, this figure marks an increase of nearly 60% compared to June 2025, as stated by the company.
According to Claight Corporation’s expert market research, India’s EV charging market reached a volume of approximately 1.56 million units in 2025. Furthermore, the market is expected to grow at a compound annual growth rate of 22.2% between 2026 and 2035, ultimately reaching 11.58 million units by 2035.
For Kazam, tier 2 and tier 3 cities generate the largest share of revenue, particularly within the three-wheeler segment. “Cities such as Siliguri, Bareilly, Lucknow, and Agra are among our top markets. Each of these cities has around 2,000 to 3,000 charging points running on our platform,” Shekhar said.
In addition, Shekhar highlighted home charging for three-wheelers as the company’s biggest revenue driver. Currently, nearly 150,000 three-wheeler drivers use Kazam’s charging infrastructure.
Meanwhile, quick commerce and fleet charging continue to emerge as fast-growing categories for the company. As a result, companies such as BigBasket, Zepto, and Swiggy use charging points at dark stores to power vehicles between delivery trips.
Another strong growth segment for Kazam is public charging, Shekhar noted. In this segment, oil marketing companies and other operators set up large charging stations along highways, primarily catering to four-wheelers and electric buses.
Kazam raised $6.2 million in funding from the International Finance Corporation, the private sector investment arm of the World Bank Group, in June last year. Consequently, the funding round took the company’s total capital raised to $19.2 million. Other investors backing Kazam include Vertex Ventures Southeast Asia & India, Avaana Capital Advisors, Inflection Point Ventures, and Alteria Capital.
Shekhar emphasised that EV charging businesses currently generate Rs 150–200 crore in revenue despite single-digit market penetration, signalling significant headroom for growth. “Over the next two to three years, we will see Rs 1,000 crore revenue businesses emerge in India purely from EV infrastructure. This is something the industry should watch closely,” he said.
