Electric vehicle charging startup Nikol EV secures undisclosed funding from EvolveX
Nikol EV is committed to Install 1 Lakh EV Charging Stations in India by 2030.
EvolveX, an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups, has invested in NIKOL EV, focused on electric vehicle charging stations in India.
The Pre-Seed funding round saw participation from investors including Vikas Aggarwal, Neeraj Tyagi, and Bhawna Bhatnagar. With this funding, NIKOL EV plans to strengthen its team and establish a robust backend support system to facilitate business scaling. Additionally, the company aims to develop a hybrid charger capable of charging 2-wheelers, 3-wheelers, and 4-wheelers simultaneously, with a portion of the funds allocated for testing and certification.
Currently, over 70% of chargers in the country remain non-operational due to a lack of support and maintenance, and the functional ones often lack basic civil infrastructure for customers to spend their leisure time during the charging process, the company claims in a press release. By developing their own chargers and setting up Fast EV charging stations with an impressive uptime of over 95% (compared to the industry average of 60%), NIKOL EV is focused on offering a better charging experience. to enhancing the EV charging experience.
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. In addition, NIKOL EV has gained support from Science & Technology Park, University of Pune under the NIDHI Prayas programme.
Commenting on the investment, Bhawna Bhatnagar, Co-Founder of EvolveX, stated, “Insufficient charging infrastructure continues to pose a major barrier to achieving widespread adoption of electric vehicles (EVs). The scarcity of charging stations and the persistent issue of range anxiety discourage potential buyers from fully embracing the transition to electric vehicles. At EvolveX, we are committed to addressing this challenge by investing in startups like NIKOL EV."
Founder and CEO of NIKOL EV, Arjun D Pawar, brings a wealth of experience in the EV industry, having worked in multiple domains before becoming a leading voice in the electric vehicle space. Under his guidance, NIKOL EV is aiming to install an impressive 1 Lakh EV charging stations in India by 2030. Alongside NIKOL EV, Arjun is also the visionary behind EV Duniya, an online platform committed to providing the latest news, articles, and informative videos related to the EV industry.
Arjun D Pawar, Founder and CEO, NIKOL EV said, "With the support of our investors we will be able to create a healthy ecosystem for EV stakeholders and scale faster towards adoption of Electric Vehicles in India.”
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