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EV charging startup Kazam closes FY25 at Rs 40 crore, targets Rs 100 crore run rate
International Finance Corporation (IFC)-backed electric mobility infrastructure startup Kazam said it recorded Rs 40 crore in revenue in FY25 (ended March 2025).
This comes at a time when the market is beginning to shift from just adding chargers to improving reliability and addressing growing enterprise demand for usage.
The startup's chief operating officer, Akshay Shekhar, told ET that it is 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.
The Bengaluru-based EV charging and energy management platform provides software and hardware solutions for electric vehicle (EV) charging and battery swapping operators for two-wheelers, three-wheelers and four-wheelers.
The platform currently manages over 9,000 MWh of energy transactions every month, up nearly 60% from June 2025, it said in a statement.
Steady growth projected
As per Claight Corporation's Expert market research, India's EV charging market reached a volume of approximately 1.56 million units in 2025. Further, the market is expected to grow at a CAGR of 22.2% between 2026 and 2035, reaching 11.58 million units by 2035.
For Kazam the biggest revenue generator is in tier 2 and tier 3 cities, especially in 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.
The Kazam COO added that home charging for three-wheelers is the biggest revenue driver. About 150,000 three-wheeler drivers use the company's infrastructure.
Quick-commerce or fleet charging is also a growing category for Kazam, with companies such as BigBasket, Zepto, and Swiggy using charging points at dark stores to help charge vehicles between trips.
Another segment working for Kazam is public charging, said Shekhar, where oil marketing companies and others set up large charging stations on highways. These stations cater mainly to four-wheelers and buses.
The competition
Kazam raised $6.2 million in funding from IFC, the private sector investment arm of the World Bank Group, last June, taking its total funding to $19.2 million. Some of its other investors include Vertex Ventures Southeast Asia & India, Avaana Capital Advisors, Inflection Point Ventures, and Alteria Capital.
Other companies in India's EV charging infrastructure market include Tata Power EZ Charge, Statiq, ChargeZone and Pulse Energy.
Statiq has raised about $28 million and operates over 7,000 charging points across 60 cities. Tata Power EZ Charge runs one of the country's largest networks, with more than 5,500 public chargers, 1.2 lakh home chargers and over 1,200 bus charging points.
ChargeZone, backed by investors such as British International Investment and Macquarie Capital, has raised around $106 million and focuses on highway and fleet charging.
Pulse Energy, which has raised about $2.8 million, follows an asset-light model, aggregating access to chargers through partnerships rather than owning infrastructure.
Shekhar told ET that while EV charging businesses are at Rs 150-200 crore revenue today with single-digit market penetration, the opportunity is much larger. “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.
Source: EconomicTimes
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