The company closed FY25 with revenues of ₹40 crore, clocking 3.5x year-on-year growth, and is now within touching distance of a ₹100-crore annual revenue run rate, according to Akshay Shekhar, Co-Founder and CEO of Kazam.
Three-wheelers defy global EV slowdown
While EV adoption has slowed in several global markets, India’s three-wheeler segment continues to buck the trend. With electric penetration already at around 25% of new three-wheeler sales, the segment has become a major growth engine for charging infrastructure players.
“For us, the three-wheeler segment itself is growing significantly, and that alone is taking us to the ₹100-crore mark,” Shekhar said, adding that Kazam is already at nearly 95% of its targeted run rate.
Strategic partnerships with large vehicle OEMs over the past year have enabled the company to scale rapidly, expanding its footprint to nearly 10,000 PIN codes in the last 12 months. These alliances, particularly in the three-wheeler category, have played a central role in driving utilisation and revenues.
Tier-3 India emerges as EV hotspot
Contrary to the perception that EV adoption is largely an urban phenomenon, Kazam’s biggest growth markets are emerging from tier-3 cities such as Siliguri, Cooch Behar, Bareilly and parts of Bihar and Uttar Pradesh.
According to Shekhar, these regions are witnessing direct migration from petrol vehicles to EVs, often bypassing CNG altogether. “The arbitrage is extremely high in these markets, which is why you see real adoption happening,” he said.
To support this expansion, Kazam has invested in training local workforces to handle EV installations, charging infrastructure and servicing. With two-wheeler EV penetration expected to rise sharply over the next year, the company expects its reach to expand further to 12,000–15,000 PIN codes.
From charging points to energy tech
Beyond scale, Kazam is positioning itself as more than just a charging platform. With over 1.2 lakh chargers onboarded and more than seven million charging sessions enabled, the company is building what it calls a “unified energy gateway”—connecting vehicles, charge points and utility grids.
This digital layer is now enabling new use cases, including peer-to-peer energy trading. Under this model, home consumers with surplus solar power can sell electricity directly to EV users for charging, potentially at lower costs than traditional utility tariffs.
Pilot projects are already underway in Delhi and Lucknow, and Shekhar expects energy trading to become a meaningful growth driver over the next few years as regulatory frameworks evolve and grid-level digitisation improves.
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Profitability-first approach to capital
At a time when startups are recalibrating growth strategies, Kazam is signalling a profitability-first approach. The company does not plan to raise capital to fund its core business, which is already moving towards profitability.
“Any capital we raise will be for new experiments,” Shekhar said, pointing to potential international expansion and the scaling up of the energy trading business over the next 18–24 months.
As India’s EV ecosystem enters its next phase—marked by intelligence, interoperability and energy innovation—Kazam’s trajectory highlights how infrastructure players are evolving to capture value beyond charging hardware, even as global EV sentiment remains uneven.
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