Discover how NIKOL EV plans to overcome the challenges, boost accessibility, and drive mass-scale EV adoption in India, aiming to install 1 lakh charging stations by 2030. Dive into their journey and commitment to fostering innovation in the EV industry.
EvolveX, an early-stage accelerator program founded by We Founder Circle, has boosted India’s electric vehicle (EV) ecosystem by investing in NIKOL EV, an emerging startup from its Cohort 3. NIKOL EV, which burst onto the scene in August 2021, is poised to reshape India’s EV industry with a fresh approach to EV charging infrastructure.
With this financial injection, the start-up plans to bolster its workforce with experienced professionals and establish a robust backend support system to facilitate business expansion. A significant portion of the funds will be allocated to developing and certifying a hybrid charger capable of simultaneously servicing two-wheelers, three-wheelers, and four-wheelers.
Vision and Mission
Presently, a staggering 70% of charging stations in the country lie dormant due to neglect, and operational ones often lack basic amenities for customers during the charging process. In response, the company is embarking on a mission to establish India’s largest operational EV charging infrastructure, by manufacturing their chargers and setting up fast EV charging stations with an uptime of over 95%. The startup’s mobile application has a comprehensive network of over 3,000 chargers, enabling EV owners to easily locate, book, review, and make secure payments for their charging needs. It has received support from Science & Technology Park, University of Pune, under the NIDHI Prayas program, adding further credibility to its mission.
Bhawna Bhatnagar, Co-Founder of EvolveX, emphasised the pressing issue of inadequate charging infrastructure and its impact on EV adoption. She noted, “The scarcity of charging stations and the persistent issue of range anxiety discourage potential buyers from fully embracing the transition to electric vehicles; we are committed to addressing this challenge by investing in startups like this one. With their commitment to enhancing accessibility and uptime of EV charging stations, the company emerges as a key driver of mass-scale EV adoption, contributing to a cleaner, sustainable transportation landscape.”
Roadmap to EV Revolution
The startup aspires to install 1 lakh EV charging stations in India by 2030. The company remains steadfast in its commitment to nurturing innovative startups that address critical industry challenges. The accelerator’s investment in the startup serves as a testament to its dedication to fostering groundbreaking ideas and transforming industries.
In gratitude to EvolveX, Arjun D Pawar, founder and CEO of NIKOL EV, expressed, “We want to thank EvolveX and We Founder Circle for showing their trust in us and our vision. We are turning EV owners’ experience of the non-availability and non-functionality of chargers into a pleasant charging experience. With the support of our investors, we will be able to create a healthy ecosystem for EV stakeholders and scale faster towards adopting Electric Vehicles in India.”
